- SEC opens 21-day comment period for Grayscale’s Solana ETF, marking a potential shift in crypto regulatory acceptance.
- Solana ETF review signals SEC’s willingness to reconsider altcoin classifications, previously blocked under stricter guidelines.
The SEC has initiated a 21-day public comment period for NYSE Arca’s proposal to list the Grayscale Solana Trust. This step, part of the agency’s standard 19b-4 review process, marks the first formal evaluation of a Solana-based exchange-traded fund (ETF). The decision follows months of regulatory hesitance toward crypto investment vehicles beyond Bitcoin and Ethereum.
Under SEC rules, the comment period allows stakeholders to weigh risks and benefits before the agency rules on the proposal. Approval would enable shares of the trust to trade publicly, expanding access to Solana exposure without direct asset ownership. The SEC may approve, reject, or extend its review after the window closes on August 21.
ETHNews analysts observe a subtle shift in the SEC’s posture. Bloomberg’s James Seyffart noted the agency previously blocked similar Solana ETF attempts, including a recent request to withdraw a filing from CBOE.
Eric Balchunas, another Bloomberg analyst, highlighted that Solana’s prior classification as a potential security makes this review unprecedented. “This signals willingness to reassess older assumptions” Balchunas stated.
SEC just acknowledged the Grayscale Solana 19b-4. This is actually newsworthy because the SEC had refused to do this in recent filing attempts for SOL
The development coincides with structural changes at the SEC
A crypto-focused task force, established under Commissioner Hester Peirce during President Donald Trump’s administration, now evaluates digital asset regulations. While the group’s mandate includes clarifying crypto classification, its influence on the Solana ETF process remains unclear.
Market participants note two potential outcomes. Approval could legitimize Solana as a mainstream investment, mirroring Bitcoin ETF impacts earlier this year. Rejection might reinforce regulatory boundaries around altcoins. Either result will likely inform future ETF applications for assets like Cardano or Polygon.
Data revealed by ETHNEws mixed precedents. Bitcoin ETF approvals correlated with price surges, while Ethereum’s ongoing review process has maintained sideways trading. Solana’s current price of $143 reflects minimal immediate reaction, suggesting cautious optimism among traders.
The SEC’s move does not guarantee approval
However, it introduces formal dialogue about Solana’s regulatory standing—a contrast to previous outright dismissals. Legal experts emphasize that the comment phase allows the SEC to gauge market readiness and address concerns about liquidity or manipulation.
As the deadline approaches, attention turns to institutional feedback. Major financial firms and crypto exchanges are expected to submit detailed analyses. Their input could sway the SEC’s final decision, setting precedents for how regulators treat proof-of-stake networks and newer blockchain protocols.
