Grayscale Solana ETF application now open for SEC approval, increasing chances of approval

The U.S. Securities and Exchange Commission (SEC) has officially accepted Grayscale's amended Solana ETF application, raising the possibility of approval of the Solana ETF in the United States.
"This news is significant," said Bloomberg ETF analyst James Seyffart, who added, "The SEC has previously indicted Solana.
Grayscale has refused to do the same for its spot ETF application. On February 6, Grayscale filed an amended 19b-4 application for a solar spot ETF.
"Even if it's a small change, this decision is a step toward the SEC's new leadership," said Bloomberg analyst Eric Balchunas.
"This is a remarkable development, as it was done under the leadership of Gary Gensler.
The Chairman of the Board, Scott Johns, has rejected applications for solar and physical ETFs.
Scott Johnsson said, "The SEC has decided to delist the ETF as a commodity trust stock.
"This is because the company mistakenly classified the shares as "shares."
The SEC reportedly needs to wait longer to approve Solana as a security.
In January, Seyfert predicted that the SEC may have to wait until 2026 to approve a Solarna physical ETF.
He also noted that the ongoing SEC lawsuits against major cryptocurrency exchanges such as Binance and Coinbase are also a factor complicating the approval process.
"The SEC's Enforcement Division considers Solana to be a security, which prevents other divisions from considering it as a commodity ETF," he said at the time.
The deadline for Grayscale's Solara physical ETF application is set for October 11, 2024.