The US Securities and Exchange Commission (SEC) has taken a significant step toward approving spot Solana exchange-traded funds (ETFs), acknowledging Grayscale’s amended application. Analysts note this move is particularly noteworthy since the SEC had previously rejected SOL ETF filings. Bloomberg ETF analyst James Seyffart emphasized that this signals progress under the new leadership of the SEC. The SEC had been hesitant to process these applications due to ongoing legal disputes regarding Solana’s classification as a security. Seyffart highlighted that the SEC would need to navigate these legal complexities to consider a Solana ETF under a commodities framework. With a deadline for Grayscale’s application set around October 11, a wave of crypto ETF filings has emerged, indicating increasing interest from issuers. In addition to Grayscale, firms like 21Shares and Bitwise are also vying for approval to list spot Solana ETFs. Furthermore, predictions suggest an approved Solana ETF could attract significant net assets within its first year. Currently, markets estimate a 39% chance for a spot Solana ETF approval by July 31.

Source 🔗