Solana ETF Odds Slip to 35% Amid SEC Shifts

Solana Spot ETF Approval Odds Drop to 35%

Polymarket, a decentralized prediction market platform, has revised its odds for the approval of a Solana spot ETF by the U.S. Securities and Exchange Commission (SEC) to just 35%. This shift reflects the changing dynamics within the SEC, which has been grappling with the regulation of cryptocurrency-related products. Despite the reduced odds, the SEC's acknowledgment of Grayscale's amended Solana ETF application is seen as a significant development, marking the first time the commission has recognized a spot ETF application for a cryptocurrency other than Bitcoin.

Analysts from Bloomberg, James Seyffart and Eric Balchunas, view this acknowledgment as a small but significant step, potentially influenced by the recent change in SEC leadership. However, the path to approval remains uncertain, with ongoing legal battles and the security status of SOL, the native cryptocurrency of the Solana network, still in question. The final deadline for Grayscale's application is October 11, with other issuers like Bitwise and VanEck also vying for approval in the competitive race to launch a Solana spot ETF.