Grayscale Crypto Asset Management’s application to establish an Exchange-Traded Fund (ETF), for Solana, the smart contract platform developed by Solana, is being accepted by U.S. Securities and Exchange Commission.SOL).
The new thread James Seyffart, a Bloomberg ETF analyst and X social media expert, says that the SEC has formally notified the SEC via the platform X. acknowledging It is notable that the agency previously refused to accept the bid.
“UPDATE: SEC just acknowledged the Grayscale Solana 19b-4. This is actually newsworthy because the SEC had refused to do this in recent filing attempts for SOL.”
The ETF allows traders to gain exposure to precious metals, crypto and other assets without actually purchasing them. Bitcoin was approved by the SEC.BTCEthereum (ETHIn 2024, ETFs based on ) will be available.
Eric Balchunas is the senior Bloomberg ETF Analyst. He believes that the SEC, under the former chair Gary Gensler’s leadership has taken a step forward. instructed Chicago Board Options Exchange’s (CBOE’s) withdrawal of its application to create a Solana ETF.
“Notable because this is the first time an ETF filing tracking a coin that had previously been called a ‘security’ has been acknowledged by [the] SEC.
Just six weeks back, [Gensler]CBOE was told by the SEC led by a new leader to pull their Solana 19.b-4. “We are on new ground, although it’s only a tiny step. But, the change in leadership is apparent.”
SEC announced its results for December. shot down Gensler was in charge of all SOL ETF application before he resigned his position, just prior to Donald Trump’s inauguration. Balchunas, at the time predicted that firms would submit new applications after the regime shift.
Seyffart moves on. note The SEC’s change of heart on Solana could be good news for crypto companies facing litigation where regulatory bodies claim SOL is a “security.”
Final deadline Seyffart estimates that Grayscale will be submitting its application on or around October 11.
Solana was trading at $193.37 as of the time this article is written, which represents a growth of 1.3% over the past 24 hour.
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