The approval process for a Solana ETF has gained momentum following a filing from NYSE Arca on behalf of Grayscale, according to recent developments from the US Securities and Exchange Commission (SEC).
The process was previously halted when the SEC asked CBOE exchange to withdraw its Solana spot ETF filing for VanEck due to concerns about its classification as a high-caliber cryptocurrency, which the regulator considers a security.
However, on Thursday, the process saw a positive turn when the SEC acknowledged an amended 19b-4 filing for a Grayscale Solana ETF from the NYSE Arca, signaling progress in the approval proceedings.
Bloomberg’s ETF analyst James Seyffart noted the significance of this development, particularly in light of the SEC’s previous statement that it would not consider applications for Solana products.
Under the new leadership of Gary Gensler, the SEC has expressed doubts about a Solana ETF, citing concerns about the misclassification of these products as commodity shares, which is still being debated.
