The SEC acknowledged an application for a spot Solana ETF, marking a potential shift in its framework for cryptocurrency products. Previously, under former SEC Chair Gary Gensler, only Bitcoin and Ethereum ETFs had been approved due to high regulatory barriers. Solana's unique status is highlighted by past allegations of it being an unregistered security. However, recent discussions suggest that the SEC may now classify Solana as a commodity following a rule change proposed by NYSE Arca. This recognition could pave the way for further institutional interest in Solana, similar to the influx seen with Bitcoin and Ethereum ETFs. Market analysts are cautious, noting that while this is a significant step, the SEC's ultimate decision on the application remains uncertain. Approving a Solana ETF would open avenues for other cryptocurrencies, fundamentally altering the landscape for digital asset investments in the U.S.

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