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Coinpaprika 2025-02-12 09:02:14

SEC Reviews More Solana ETF Applications, Approval Chances Rise

SEC Reviews More Solana ETF Applications, Approval Chances Rise

The SEC has acknowledged four more Solana ETF applications, increasing speculation about its potential approval. While some analysts believe Litecoin or Dogecoin ETFs have a better chance, the SEC appears to be prioritizing Solana-related filings. On Tuesday, the SEC opened a public comment period for the Canary Solana Trust, an ETF proposed by Canary Capital. At the same time, it recognized similar applications from VanEck, 21Shares, and Bitwise. This step officially starts the review process, giving the SEC 21 days to approve, reject, or extend its evaluation. Though delays are common, analysts suggest 2024 could bring approvals for Solana and other altcoins. Market experts predict that Litecoin and Dogecoin ETFs might have a higher approval chance before Solana or XRP. Bloomberg’s Eric Balchunas recently shared their approval probabilities, placing Litecoin at the top, followed by Dogecoin, then Solana and XRP. He noted that filings under the 1940 Act or alternative structures could still pass, even if spot ETFs face challenges. Grayscale’s Solana ETF application was acknowledged last week, marking another step toward regulatory consideration. Now, the focus shifts to whether the SEC will extend the same recognition to other altcoins like XRP or Dogecoin. Meanwhile, asset managers continue to show interest in Solana. Franklin, for example, recently filed for a Solana Trust, a move likely leading to an ETF submission in the near future. Prediction markets are also adjusting their expectations. Polymarket, a major forecasting platform, currently shows an 82% probability of a Solana ETF approval this year. Other altcoins , including Hedera, also have pending ETF applications, meaning the SEC’s decision process could extend beyond Solana. Ultimately, the SEC’s classification of tokens as securities or commodities remains a key factor in ETF approvals. If regulatory clarity emerges, multiple altcoin ETFs could gain approval together. Until then, Solana appears to be at the forefront of the SEC’s attention.

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