The U.S. Securities and Change Fee (SEC) is acknowledging crypto asset administration agency Grayscale’s bid to create an exchange-traded fund (ETF) for the good contract platform Solana (SOL).
In a brand new thread on the social media platform X, Bloomberg ETF analyst James Seyffart says the SEC formally acknowledging the bid is noteworthy as a result of the regulatory company had beforehand rejected it.
“UPDATE: SEC simply acknowledged the Grayscale Solana 19b-4. That is really newsworthy as a result of the SEC had refused to do that in latest submitting makes an attempt for SOL.”
ETFs permit merchants to reveal themselves to belongings reminiscent of treasured metals and crypto with out having to truly buy them. The SEC accepted Bitcoin (BTC) and Ethereum (ETH)-based ETFs in 2024.
In response to senior Bloomberg ETF analyst Eric Balchunas, the acknowledgment is a small step in the suitable course because the SEC below former Chair Gary Gensler instructed the Chicago Board Choices Change (CBOE) to withdraw its software for a Solana ETF.
“Notable as a result of that is the primary time an ETF submitting monitoring a coin that had beforehand been known as a ‘safety’ has been acknowledged by [the] SEC.
Solely six weeks in the past the [Gensler]-led SEC informed CBOE to withdraw their Solana 19b-4. So we are actually in new territory, albeit only a child step, however seemingly the direct results of management change.”
In December, the SEC shot down all SOL-based ETF functions earlier than Gensler resigned from his place previous to the inauguration of President Donald Trump. On the time, Balchunas predicted the corporations would reapply after the regime change.
Seyffart goes on to note the SEC altering its tune on Solana may fare effectively for crypto corporations dealing with lawsuits the place the regulatory physique claims SOL qualifies as a “safety.”
The ultimate deadline for Grayscale’s software can be round October eleventh, in keeping with Seyffart.
Solana is buying and selling for $193.37 at time of writing, a 1.3% enhance over the last 24 hours.
Do not Miss a Beat – Subscribe to get e mail alerts delivered on to your inbox
Test Price Action
Comply with us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Each day Hodl should not funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your individual danger, and any losses it’s possible you’ll incur are your accountability. The Each day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Each day Hodl an funding advisor. Please word that The Each day Hodl participates in internet affiliate marketing.
Generated Picture: Midjourney
