The US Securities and Exchange Commission (SEC) has taken a significant step by accepting filings from the New York Stock Exchange (NYSE) to list Grayscale’s Solana and Litecoin Exchange-Traded Funds (ETFs). This development could potentially mark a turning point in the regulation of crypto assets.
The announcement, made on February 6, allows for a 21-day period for public feedback. This decision comes at a time when digital asset ETFs are gaining increasing attention due to shifts in the regulatory landscape.
This move is particularly significant for Solana as it is the first time the SEC has considered an ETF for this cryptocurrency, following previous rejections of similar attempts. Analysts suggest that this could indicate a more favorable approach from the SEC, especially considering Solana’s previous classification as a security.
With the departure of Gary Gensler as the head of the SEC, many expect the new leadership to adopt a more crypto-friendly stance, as evidenced by the growing number of ETF filings. Experts are optimistic that decisions on these applications could be made by October 11.
In addition to the Solana ETF filing, the SEC has also recognized a filing for Grayscale’s Litecoin ETF, marking the second acknowledgment for this cryptocurrency. While regulatory approval is still distant, this development is seen as a positive sign for the future of Litecoin ETFs.
The broader context of this progress includes the SEC’s acknowledgment of Nasdaq’s filing to allow in-kind transactions for the iShares Bitcoin Trust ETF. Industry observers describe this move as long overdue. However, the final approval for crypto-based ETFs still depends on future regulatory decisions, which could potentially be influenced by the SEC’s new leadership.