SEC advances Grayscale’s Solana ETF proposal following 19b-4, seeks public input
2025-02-07
Category: None

The U.S. Securities and Exchange Commission has started to solicit public comments on a proposal to list and trade the Grayscale Solana Trust, which would convert it into an exchange-traded product.
On Thursday, the SEC issued a notice acknowledging a filing from NYSE Arca, proposing to list and trade the Grayscale Solana Trust. Last month, NYSE Arca submitted a 19b-4 filing, which is the second part of a two-step process for proposing a spot crypto ETF.
The SEC asked the public to comment on the proposal within 21 days following the date it was published in the Federal Register. The SEC would then order to approve or disapprove the proposal, or further “institute proceedings to determine whether the proposed rule change should be disapproved,” according to its notice.
“SEC just acknowledged the Grayscale Solana 19b-4. This is actually newsworthy because the SEC had refused to do this in recent filing attempts for SOL,” Bloomberg ETF analyst James Seyffart wrote on X.
Eric Balchunas, another Bloomberg analyst, also said that this is “notable” because this is “the first time an ETF filing tracking a coin that had previously been called a ‘security’ has been acknowledged by SEC.”
“Only six weeks ago the Genz-led SEC told CBOE to [withdraw] their Solana 19b-4. So we are now in new territory, albeit just a baby step, but seemingly the direct result of leadership change,” said Balchunas.
Also on Thursday, the SEC issued a notice soliciting comments on Grayscale’s Litecoin trust.
With pro-crypto U.S. President Donald Trump taking office last month, some crypto experts projected that a spot Solana ETF may be approved by the end of this year. 
Last month, Mark Uyeda, the acting chair of the SEC, launched a crypto task force led by fellow Republican Commissioner Hester Peirce to “set the SEC on a sensible regulatory path.”
The crypto task force announced earlier this week in a statement that it will focus on identifying which "crypto assets" can be classified as securities. This initiative could potentially alter the registration processes for firms and clarify the statements issued when approving or disapproving exchange-traded products.
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