Sosovalue's macro analyst has emphasized the intricate dual review process that is essential for obtaining approval for cryptocurrency spot ETFs under the prevailing regulatory framework of the SEC. This comprehensive process encompasses two critical documents: the S-1 registration document and the 19b-4 exchange rule adjustment document.
According to the SEC's requirements, the agency is obligated to announce preliminary results within 45 days of accepting the 19b-4 document, while a final decision must be rendered no later than 240 days thereafter. Taking the Grayscale Solana Trust as a focal point, its 19b-4 document received acceptance from the SEC on February 12.
It is crucial to note that while the SEC can either reject or delay the approval within the first 30 days, a direct approval is not an option at this stage. Consequently, the earliest potential approval window for Grayscale’s Solana Trust begins on March 14, with the preliminary review deadline earmarked for March 29.
This significant timeframe may indicate pivotal regulatory developments ahead. Should the SEC opt to approve the Grayscale Solana Trust, this could also pave the way for the approval of other SOL spot ETFs, such as the Bitwise Solana ETF, which adheres to the same exchange rule adjustment. This possibility might, in turn, instigate a notable liquidity response within the market. In light of the estimated durations for Bitcoin spot ETFs, where approval processes can extend to a maximum of 240 days, the latest conceivable approval date for the SOL spot ETF stands at October 10, 2025.
Nevertheless, in the context of today’s dynamic regulatory landscape, there is prevalent optimism regarding the potential acceleration of the SEC’s approval timeline..