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    Home»Altcoins»SEC Opens Door for Public Touch upon Grayscale's Proposed Solana and Litecoin ETFs
    SEC Opens Door for Public Touch upon Grayscale's Proposed Solana and Litecoin ETFs
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    SEC Opens Door for Public Touch upon Grayscale's Proposed Solana and Litecoin ETFs

    By Crypto EditorFebruary 7, 2025No Comments3 Mins Read
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    SEC Opens Door for Public Touch upon Grayscale's Proposed Solana and Litecoin ETFs

    The US Securities and Change Fee (SEC) has formally acknowledged the 19b-4 filings submitted by the New York Inventory Change (NYSE) to checklist and commerce the Grayscale Solana and Litecoin exchange-traded fund (ETF).

    On February 6, the regulatory physique referred to as for public suggestions on each filings. Feedback should be submitted inside 21 days following their publication within the Federal Register.

    First SEC Acknowledgment for Solana ETFs

    The SEC’s acknowledgment marks a primary for Solana (SOL) ETFs, making it a big improvement.

    “That is truly newsworthy as a result of the SEC had refused to do that in latest submitting makes an attempt for SOL,” Bloomberg ETF analyst James Seyffart wrote on X.

    He additional instructed that this choice might point out a constructive shift for exchanges or corporations going through SEC lawsuits that label Solana as a safety. Fox Enterprise journalist Eleanor Terrett echoed this sentiment, calling the transfer “very noteworthy.”

    “The identical SEC requested the CBOE  to withdraw issuers’ Solana filings just some weeks in the past when Gensler was nonetheless on the helm,” Terrett defined.

    Bloomberg’s senior ETF analyst Eric Balchunas additionally agreed. He emphasised the importance of the SEC’s recognition of a product tied to a digital asset beforehand labeled a “safety.”

    “So we are actually in new territory, albeit only a child step, however seemingly the direct results of management change,” Balchunas remarked.

    The SEC’s transfer comes after the Chicago Board Choices Change (Cboe) refiled 19b-4 functions for Solana ETFs on behalf of Bitwise, VanEck, 21Shares, and Canary Capital. 

    In the meantime, Gary Gensler’s departure has triggered a surge in ETF filings. It’s because many anticipate a extra favorable stance towards crypto-related merchandise.

    Seyffart estimated that the ultimate deadline for a call on the Solana ETF utility would possible be round October 11.

    Grayscale Litecoin ETF Will get Preliminary Nod

    Along with the Solana ETF, the SEC has acknowledged the NYSE’s 19b-4 submitting to checklist and commerce shares of the Grayscale Litecoin Belief. This marks the second acknowledgment of a Litecoin (LTC) ETF. 

    In accordance with Seyffart, spot Litecoin ETF might be the subsequent to realize regulatory approval.

    “Sticking to my name/view that Litecoin would be the subsequent digital asset to be authorised by the SEC for a spot ETF wrapper,” Seyffart posted.

    In the meantime, on the identical day, the SEC acknowledged Nasdaq’s 19b-4 submitting to permit in-kind creations and redemptions on the iShares Bitcoin Belief ETF (IBIT). Nate Geraci, president of The ETF Retailer, famous that whereas this was a step ahead, it was lengthy overdue.

    “Ridiculous we’re nonetheless doing money creates & redeems,” Geraci said.

    The SEC’s acknowledgment of the Grayscale Solana ETF and Litecoin Belief filings is a constructive step ahead. Nonetheless, regulatory approval continues to be far off. Whether or not the brand new SEC underneath President Trump would speed up the approval of altcoin ETFs stays to be seen.

    Disclaimer

    In adherence to the Belief Undertaking tips, BeInCrypto is dedicated to unbiased, clear reporting. This information article goals to supply correct, well timed info. Nevertheless, readers are suggested to confirm info independently and seek the advice of with knowledgeable earlier than making any selections based mostly on this content material. Please be aware that our Phrases and Situations, Privateness Coverage, and Disclaimers have been up to date.



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