SEC Acknowledges Four More Solana ETF Applications

The U.S. Securities and Exchange Commission (SEC) has acknowledged four more applications for exchange-traded funds (ETFs) focused on Solana, a significant step towards potential approval. This move comes after the SEC's public comment period for the Canary Solana Trust, proposed by Canary Capital, and similar applications from VanEck, 21Shares, and Bitwise.

The SEC has 21 days to decide whether to approve, reject, or extend its review of these applications. While delays are common, industry analysts predict that 2024 could see the approval of ETFs for Solana and other altcoins. This development follows the SEC's recent acknowledgment of Grayscale's Solana ETF application and Franklin's filing for a Solana Trust, which is expected to lead to an ETF application.

Meanwhile, the odds of a Solana ETF approval this year have increased to 82% on Polymarket, a leading prediction market. However, the SEC is also considering ETF applications for other altcoins like XRP and Dogecoin. If the Commission provides overall regulatory clarity about securities and commodities, bulk approvals might come for several altcoin ETFs in the future.