SEC Acknowledges Solana, Litecoin ETF Applications

The US Securities and Exchange Commission (SEC) has made a significant step towards approving Solana and Litecoin spot exchange-traded fund (ETF), marking the change in how the agency approaches the crypto industry.

First Acknowledgment for Solana ETF 

On Thursday, the SEC officially  acknowledged  Grayscale’s amended filing for a spot at Solana ETF, signaling the start of its formal review.

Acknowledgment triggers the agency’s official timeline, typically a 240-day process with multiple decision deadlines, and is considered a second stage in the approval process for ETFs.

While procedural, the step is notable for Solana. The SEC had previously rejected similar filings and even directed Cboe (Chicago Board Options Exchange), one of the largest US stock and options exchanges, to remove their Solana ETF filling.

“We are now in new territory, albeit just a baby step, but seemingly the direct result of leadership change,” commented Eric Balchunas, Bloomberg’s Senior ETF analyst.

Securities exchange NYSE submitted a filing for a Solana ETF on January 24 on behalf of Grayscale.

Recognized More ETF Fillings

In addition to acknowledging the Solana spot ETF, the SEC on Thursday also recognized several other crypto ETF filings, including Grayscale’s and Canary Capital’s Litecoin ETF and Nasdaq’s request for in-kind redemptions on BlackRock’s iShares Bitcoin ETF, enabling investors to exchange Bitcoin for ETF shares directly rather than using cash.

According to Bloomberg ETF analyst James Seyffart, a spot Litecoin ETF could be the next to gain regulatory approval.

“Sticking to my call/view that Litecoin will be the next digital asset to be approved by the SEC for a spot ETF wrapper,” he posted on X.

Why This Matters 

Although the SEC’s ETF acknowledgment does not signal approval, the move comes as leadership changes fuel growing expectations for more crypto-friendly regulations under the new administration.