tl;dr
The US Securities and Exchange Commission (SEC) has officially recognized the 19b-4 filings from the New York Stock Exchange (NYSE) to list and trade the Grayscale Solana and Litecoin exchange-traded funds (ETFs). This marks the first acknowledgment for Solana ETFs and the second for Litecoin ETFs. ...
First SEC acknowledgment for Solana ETFs, marking a significant development
The US Securities and Exchange Commission (SEC) has officially recognized the 19b-4 filings from the New York Stock Exchange (NYSE) to list and trade the Grayscale Solana and Litecoin exchange-traded funds (ETFs). This marks the first acknowledgment for Solana ETFs and the second for Litecoin ETFs. The SEC's move is seen as a significant development, especially for digital assets previously labeled as securities. The acknowledgments come amid a surge in ETF filings following Gary Gensler's departure, signaling anticipation for a more favorable stance toward crypto-related products. While this recognition is a positive step, regulatory approval is still pending, and the impact of the new SEC leadership remains to be seen.
The US Securities and Exchange Commission (SEC) has officially recognized the 19b-4 filings submitted by the New York Stock Exchange (NYSE) to list and trade the Grayscale Solana and Litecoin exchange-traded fund (ETF). On February 6, the regulatory body called for public feedback on both filings. Comments must be submitted within 21 days following their publication in the Federal Register.
Grayscale Litecoin ETF receives initial nod, with potential for further regulatory approval
The SEC’s acknowledgment marks a first for Solana (SOL) ETFs, making it a significant development. Bloomberg ETF analyst James Seyffart wrote on X, "This is actually newsworthy because the SEC had refused to do this in recent filing attempts for SOL." He further suggested that this decision could indicate a positive shift for exchanges or firms facing SEC lawsuits that label Solana as a security. Fox Business journalist Eleanor Terrett echoed this sentiment, calling the move “very noteworthy.”
Bloomberg’s senior ETF analyst Eric Balchunas emphasized the significance of the SEC’s recognition of a product tied to a digital asset previously labeled a “security.” "So we are now in new territory, albeit just a baby step, but seemingly the direct result of leadership change," Balchunas remarked.
The SEC’s acknowledgment of the Grayscale Solana ETF and Litecoin Trust filings is a positive step forward. Nonetheless, regulatory approval is still far off. Whether the new SEC under President Trump would accelerate the approval of altcoin ETFs remains to be seen.