Did the Green Light Turn On for Solana? SEC Accepted the Previously Rejected Application - Coin Bulletin

The US Securities and Exchange Commission (SEC) has begun soliciting public comments on a proposal that would turn Grayscale Solana Trust into a tradable product on the stock exchange, known as an ETP. (

This step draws attention in the crypto world because SEC's stance on Solana )SOL( differs from its previous position.

On Thursday, the SEC announced that it has officially accepted the application made by NYSE Arca. Last month, NYSE Arca submitted the 19b-4 application. This is considered a critical stage in the approval process of a spot crypto ETF. The SEC will accept comments on the proposal for 21 days and then decide whether to approve the proposal.

Bloomberg ETF analyst James Seyffart evaluated this move by the SEC as "A development carrying news value." Seyffart said, "SEC had previously rejected the last applications made for Solana. Now, they have initiated this process."

Bloomberg analyst Eric Balchunas also noted the significance of this situation. Balchunas said, “The first ETF application for a coin previously classified as a ‘security’ has been approved by the SEC”. “Just six weeks ago, the SEC had asked CBOE to withdraw its Solana application. Now we are in a completely new point. It's a small step, but it seems like a direct result of leadership change” he added.