SEC confirms grayscale Solana ETF application and seeks external opinions

According to The Block, the US Securities and Exchange Commission (SEC) has begun soliciting public opinions on a proposal for a publicly traded Grayscale Solana Exchange Traded Fund (ETF), confirming the application submitted by NYSE Arca, a fully electronic exchange under the New York Stock Exchange.

The proposal proposes to convert the Grey Solana Trust Fund (GSOL) into an ETF. Last month, NYSE Arca Submitted the relevant 19b-4 documents, which is the second step in the two-step process of proposing a cryptocurrency spot ETF.

The SEC requires the public to provide their opinions within 21 days after the proposal is published in the Federal Register. According to its notification, SEC Subsequently, a decision will be made to approve or reject the proposal, or to further 'initiate procedures to determine whether the proposed rule change should be rejected'.

Bloomberg ETF analyst James Seyfart commented on social media platform X, saying:

「SEC Just confirmed the 19b-4 file for the Grayscale Solana Fund, which is indeed worth noting as the SEC refused to do so in the recent SOL application

Seyfart pointed out that the review deadline for the Grayscale Solana ETF application is around October 11th.

Another Bloomberg analyst, Eric Balchunas, also called this a "noteworthy" development as it was "the first time an ETF application tracking tokens previously considered 'securities' has been approved by the SEC. He added that just six weeks ago, the SEC led by Gensler requested the CBOE to withdraw their 19b-4 filing regarding the Solana ETF.

Balchunas Therefore, we have now entered a new stage, although it is only a small step, it seems to be a direct result of leadership changes

According to reports, on Thursday, the SEC also issued a public announcement seeking opinions on the Grayscale Litecoin (LTC) ETF (converted from its trust fund). Seyfart believes that the Litecoin ETF will become the next cryptocurrency spot ETF to receive SEC approval.