The US Securities and Exchange Commission (SEC) acknowledges the offer of Crypto Asset Management Grayscale to create an Exchange-Traded Fund (ETF) for the Smart Contract Platform Solana (SOL).
In a new thread on the social media platform X, Bloomberg ETF analyst James Seyffart says that the SEC formally acknowledges that the bid is remarkable because the regulatory body had previously rejected it.
“UPDATE: SEC just recognized the Grayscale Solana 19B-4. This is actually newsworthy because the SEC had refused to make this in recent submission attempts for SOL. “
ETFs enable traders to expose themselves to assets such as precious metals and crypto without actually having to buy them. The SEC approved Bitcoin (BTC) and Ethereum (ETH) -based ETFs in 2024.
According to Senior Bloomberg ETF analyst Eric Balchunas, the recognition is a small step in the right direction, because the SEC instructed the Chicago Board Options Exchange (CBOE) under former chairman Gary Gary to withdraw his request for a Solana ETF.
“Remarkable because this is the first time that an ETF entering a currency is previously called ‘security’ is recognized by [the] Sec.
Only six weeks ago the [Gensler]-Sec told CBOE to withdraw their Solana 19B-4. So we are now in new territory, albeit only a baby step, but apparently the direct result of changes in leadership. “
In December, the SEC shot all SOL-based ETF applications before Genler resigned from his position prior to the inauguration of President Donald Trump. At the time, Balchunas predicted that the companies would apply for again after the change in the regime.
Seyffart also notes that the SEC can change his tune on Solana, could do it well for crypto companies that are confronted with lawsuits where the regulatory body claims that Sol is eligible as a ‘security’.
The last deadline for the request from Grayscale would be around 11 October, according to Seyffart.
Solana acts for $ 193.37 at the time of writing, an increase of 1.3% during the last 24 hours.
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