The momentum behind a spot Solana ETF continues to build, with the U.S. Securities and Exchange Commission (SEC) recently acknowledging several filings for the product.
On Tuesday, the SEC confirmed receipt of additional applications to list and trade a Solana ETF, further increasing the likelihood of approval.
SEC Acknowledges Key Solana ETF Filings
The SEC received 19b-4 applications for a Solana ETF from Cboe on behalf of prominent asset managers, including Bitwise, VanEck, 21Shares, and Canary. This acknowledgment is an essential step in the approval process and signals the regulator’s willingness to consider the product.
According to Nate Geraci, president of ETF Store, this move was anticipated following the SEC’s approval of Grayscale’s Bitcoin ETF. The SEC’s decision to review the Solana ETF filings marks a significant shift after earlier roadblocks related to asset classification, which had stalled progress.
The Road to Approval
Following the SEC’s acknowledgment, the commission has opened a 21-day comment period, which runs until February 11, inviting public opinions on the filings.
The final decision is expected by October 10, when the SEC will either approve, postpone, or deny the applications. If approved, the process will advance to the S-1 registration stage.
Optimism and Challenges Ahead
While the acknowledgment is a significant step forward, the Solana ETF’s approval still faces uncertainties. James Seyffart, an ETF analyst at Bloomberg, has given the chances of approval a 70% rating, citing unresolved asset classification issues.
Notably, Solana (SOL) has been classified by the SEC as a security in several ongoing lawsuits involving exchanges like Binance and Coinbase. As such, the evolving regulatory stance on Solana will play a critical role in determining the outcome.
Despite these hurdles, optimism is growing, particularly as the SEC and Binance agreed to pause their ongoing legal battle for 60 days to allow the new crypto task force to explore potential resolutions.
As the Solana ETF applications move forward, the crypto industry will closely monitor any developments, hoping for a positive outcome.
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