SEC Deadline Looms for Grayscale ETF

SEC Faces Deadline on Grayscale’s Solana Trust ETF Proposal

• The SEC must decide on Grayscale’s proposal to convert Solana Trust into an ETF.
• NYSE Arca proposed listing GSOL shares as a spot Solana ETP on December 4.
• The trust had 7,221,835 outstanding shares as of January 21.
• Gary Gensler’s departure as SEC Chair precedes the deadline.
• The SEC’s Division of Enforcement classifies Solana as a security, complicating ETF approval.

The SEC is evaluating Grayscale’s proposal to convert its Solana Trust into an ETF. The decision follows Gary Gensler’s exit as chair and the classification of Solana as a security by the SEC’s Division of Enforcement. NYSE Arca aims to list GSOL shares, but regulatory challenges persist.