$SOL
WILL SOLANA ETFS JOIN BITCOIN AND ETHEREUM? EXPERTS SAY SEC JUST ENTERED 'NEW TERRITORY'
The SEC acknowledged an application for a spot Solana ETF on Thursday, signaling that the agencyâs framework for crypto products may shiftđ
The Securities and Exchange Commission on Thursday acknowledged an application for a spot Solana ETF, signaling that the agencyâs framework for crypto products may soon shift.đđ
Under former SEC Chair Gary Gensler, the regulator had a high bar, only greenlighting applications for Bitcoin and Ethereum products. In recent months, asset managers have expressed a desire to offer similar ETFs covering coins including XRP, Litecoin, Dogecoin, and Solana.đ
Among digital assets that institutions are jockeying to offer products for, Solana is unique. The SEC had alleged in 2023 lawsuits against Binance and Coinbase, two of the industryâs leading exchanges, that Solana traded on their platforms as an unregistered security.đđ
While the SEC has since dropped allegations regarding Solanaâs regulatory status in its Binance case, the alleged distinction is still important. Spot Bitcoin and Ethereum ETFs opened the door to a tsunami of Wall Street inflows, but they were approved as commodity-based trusts.đ
On Thursday, the SEC filed notice of a rule change, proposed by NYSE Arca, that would allow the exchange to list the Grayscale Solana Trust as just thatâa commodity-based trust.đđ
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