The potential launch of spot-based Solana ETFs in the United States gained momentum after the SEC entered multiple SOL ETF filings in the Federal Register.
The federal securities watchdog officially entered the Solana ETF applications from prospective issuers, such as Grayscale Investments, Canary Capital, VanEck, 21Shares, and Bitwise, in the Federal Register.
Approval Timeline Goes Live
Eleanor Terrett, FOX Business Journalist, revealed this development yesterday in an X post. According to her, the securities regulator officially entered the Solana ETF applications into the Federal Register on February 18.
With the Solana ETF applications live in the federal register, the public can send electronic or paper comments on whether the filings align with the Securities Exchange Act of 1934. Comments must be submitted within 21 days after the publication of the filings in the Federal Register.
Additionally, this publication signals the commencement of a 240-day window for the SEC to review and decide whether to approve or deny the spot-based Solana ETF filings. Accordingly, the SEC has until October 16 to issue this decision.
🚨NEW: $SOL ETF filings for @Grayscale, @vaneck_us, @CanaryFunds, @BitwiseInvest and @21Shares were entered into the Federal Register yesterday on February 18, starting the 240-day clock for the @SECGov to engage and either approve or deny these products on or before October 16. pic.twitter.com/NlMAO7fF9j
— Eleanor Terrett (@EleanorTerrett) February 19, 2025
Solana’s Security Concerns
In the meantime, many crypto enthusiasts are pondering whether the SEC would approve any of the Solana ETF applications. This concern stems from the SEC’s previous classification of Solana as a security in its lawsuits against Binance and Coinbase.
The past SEC leadership declined to acknowledge Solana ETF applications due to regulatory uncertainty surrounding SOL through these lawsuits. Notably, the SEC has paused its litigation against Binance until April 14.
Terrett suggested that the current SEC leadership may be anticipating the confirmation of Paul Atkins as permanent chair. Upon confirmation, Atkins may decide whether these non-fraud crypto-related lawsuits would be dismissed.
Atkins is expected to have a screening hearing before the Senate Banking Committee in the coming weeks. Afterward, the full Senate will vote on whether to confirm him as the permanent SEC Chair.
Notably, former SEC Chair Gary Gensler had his screening hearing in March 2021 and confirmed the following month. However, this does not indicate that Atkins’ confirmation timeline will be similar to Gensler’s.
Ultimately, a potential dismissal of the lawsuits labeling Solana as a security could clear the pathway for SOL ETFs’ launch.
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