SEC Seeks Public Input as it Advances Grayscale's Solana ETF proposal

TL;DR

• The US SEC has asked for public comments on Grayscale’s Solana ETF application.

• This comes after the regulator acknowledged a 19b-4 filing from NYSE Arca.

SEC Advances with the Grayscale Solana ETF Application

The United States Securities and Exchange Commission (SEC) has asked for public comments on the proposal to convert the Grayscale Solana Trust into an exchange-traded fund (ETF)

The regulator acknowledged the filing from NYSE Arca on Thursday. NYSE Arca proposed to list and trade the Grayscale Solana Trust. This latest development comes a month after NYSE Arca submitted a 19b-4 filing. 

The SEC has now asked the public to comment on the proposal within 21 days following the date it was published in the Federal Register. Once the 21 days elapse, the SEC would either approve or reject the proposal or institute proceedings to determine whether the proposed rule change should be disapproved. 

According to Bloomberg ETF analyst James Seyffart, this latest development is a big win, as the SEC had refused to acknowledge recent filing attempts for SOL ETFs. 

This latest development also comes a week after the SEC issued a notice soliciting comments on the Canary Litecoin ETF application. 

Solana is currently the fifth-largest cryptocurrency, with a market cap of $93 billion. SOL is trading at $190.77, down 6% in the last 24 hours.