The SEC is quietly meeting with several issuers to discuss approving a Solana (SOL) exchange-traded fund (ETF), Fox Business reporter Eleanor Terrett reports.
With the looming pro-crypto Trump administration, the regulatory agency appears more inclined to approve such a product. However, Gary Gensler is still nominally in charge of the SEC, and a move in that direction may not begin until 2025.
Solana ETF approval is closer
According to Fox Business reporter Eleanor Terrett, the SEC and several ETF issuers are in talks to approve a Solana ETF. Brazil is currently the only country that has given the green light to the product.
In September, Polymarket odds gave the SEC a 3% chance of following suit. That reluctance, however, may be changing:
Conversations between SEC staff and issuers seeking to launch a Solana ETF are “progressing,” with the SEC now engaging in S-1 applications. The staff’s recent engagement, coupled with the upcoming pro-crypto administration, is generating a renewed sense of optimism that a Solana ETF could be approved sometime in 2025, Terrett said.
Terrett was very clear about the impetus for this progress in negotiations: Donald Trump’s reelection. On the campaign trail, Trump promised to significantly reform U.S. crypto policy, and one of the planks was to fire the anti-crypto SEC chairman Gary Gensler. Gensler has apparently conceded his imminent departure, and his replacement will no doubt support the industry.
Previous attempts have failed at an early stage in the process. Once the SEC officially acknowledges an application, it must either confirm or deny it within 240 days. Previous filings have remained in limbo at this stage.
However, the list of candidates is growing: Canary Capital filed for a Solana ETF in October, and BitWise followed suit this Thursday (21).
Timeline of Solana ETF applications, with previous attempts frozen. Source: Eric Balchunas
However, these positive talks are still just anonymous rumors. The Commission has not publicly moved to initiate such a process, and Gensler is still nominally in charge. Terrett suggests that the SEC will only make serious progress on a Solana ETF in early 2025. Compared to the previous pessimism, however, this is a complete change.
The article SEC Change Brings Solana ETF Approval in the US closer appeared first on BeInCrypto Brasil.
