The U.S. Securities and Exchange Commission (SEC) has initiated a significant move towards approving new crypto exchange-traded funds (ETFs) for assets like Litecoin and Solana. Just recently, the SEC acknowledged several applications, marking a shift towards a more crypto-friendly regulatory environment.
On Thursday, the SEC approved Grayscale’s application for a Solana (SOL) ETF, setting a deadline until October for the Commission to either approve or deny the application. Notably, this is the first time the SEC has acknowledged an ETF filing for a cryptocurrency previously classified as a “security.” Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence, highlighted this moment as a crucial step forward, attributing it to a change in leadership within the SEC.
In addition to Solana, the SEC also recognized Grayscale’s application for a Litecoin (LTC) ETF and BlackRock’s proposal allowing for in-kind creations and redemptions on its iShares Bitcoin ETF. Meanwhile, Cboe submitted filings to list and trade ETFs tracking XRP, with initiatives from Bitwise, 21Shares, Canary Capital, and WisdomTree. These filings follow prior submissions to the SEC for ETF approvals.
Although the SEC’s recent actions do not guarantee approval for all applications, they indicate a willingness from companies to expand their offerings beyond just Bitcoin and Ether ETFs in response to the evolving regulatory landscape.
________
At Crypto Dummies, we strive to demystify the complexities of the cryptocurrency world for enthusiasts of all levels. Through insightful articles, guides, and analysis, we cover topics ranging from blockchain technology to market trends and investment strategies. Stay informed and empowered with Crypto Dummies – your go-to source for accessible crypto knowledge.
