“SEC’s ‘Notable’ Step Towards Solana ETF: A Tolstoyan Twist!”

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In the grand tapestry of financial intrigue, a recent event has caught the attention of our modern-day heroes, the Bloomberg ETF analysts, James Seyffart and Eric Balchunas. The US Secities and Exchange Commission (SEC) has taken a step, deemed “notable” by our analysts, towards approving spot Solana (SOL) exchange-traded funds in the American land. This, they say, is a first for SOL ETFs.

Seyffart, with a twinkle in his eye, remarked, “This is actually newsworthy because the SEC had refused to do this in recent filing attempts for SOL.” compatriot, Balchunas, added with a chuckle, “We are now in new territory, albeit just a baby step, but seemingly the direct result of leadership change.”

The SEC, under Gensler’s rule, had reportedly refused these spot Solana ETFs, viewing them as incorrectly filed as commodity trust shares. However, the final deadline for Grayscale’s spot Solana ETF application is now around. 11, Seyffart noted.

As we chuckle at the intricate dance of financial institutions, a spree of crypto ETF filings has graced the SEC’s desk. 21Shares, Bitwise, VanEck, and Canary Capital are in the running to list spot Solana ETF. Bitwise even proposed to list a spot Dogecoin (DOGE) ETF on the same day.

The SEC on Feb. 6 acknowledged Grayscale’s 19b-4 filing to list a spot Litecoin (LTC) ETF. Seyffart believes this is next in line to win SEC approval, following Bitcoin and Ethereum. The Bloomberg ETF analysts hold this view because Canary’s S-1 filing for a spot Litecoin ETF is already being actively reviewed by the regulator.

<>As we await the SEC’s next move, let us savor the humor in this grand drama, for it is but a mirror of our own human follies.

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2025-02-07 04:50