Breakthrough Moment: SEC on Verge of Approving Crypto ETFs as Solana ETF Gets "100%" Approval Rating from Bloomberg Analyst

Crypto ETF Approval by SEC Could Be Imminent According to Industry Experts

The cryptocurrency market might be on the verge of a significant breakthrough as industry experts suggest that the Securities and Exchange Commission (SEC) is about to approve several cryptocurrency ETFs. This development follows the SEC's approval of Solana ETFs under new listing standards on September 17th, though the final registration statements (S-1) for these exchange-traded funds still await validation.

Solana ETF Approval Now at "100%" According to Bloomberg Analyst

Eric Balchunas, a senior analyst at Bloomberg, has made a bold claim regarding the imminent approval of Solana ETFs. In September, the SEC announced new generic listing standards, which allowed for the automatic approval of Solana ETFs under these new guidelines. However, as Balchunas explains in a recent post on X (formerly Twitter), one crucial step remains before these ETFs receive full approval: the validation of their S-1 registration statements.

According to the analyst, this final step is now imminent, and he confidently states that SEC approval of Solana ETFs is now at "100%":

"Honestly, the odds are really 100% now. The generic listing standards make the 19b-4s and their 'clock' meaningless. (...) All that's left are the S-1s awaiting official green light from Corp Finance. And they just submitted Amendment No. 4 for Solana. The baby could arrive any day now. Be ready."

SEC Accelerates the Crypto ETF Process

The U.S. Securities and Exchange Commission has requested crypto ETF issuers to withdraw their 19b-4 filings, paving the way for a faster approval process. This decision follows the adoption of new rules that eliminate a major regulatory hurdle.

Previously, issuers had to collaborate with exchanges to submit 19b-4 filings – formal requests to modify listing rules – before an ETF could be listed. However, under the new framework, this step is no longer necessary for certain products. Now, issuers only need to file an S-1 form, which details the ETF's structure and strategy, to get the SEC's green light.

This simplification could significantly accelerate the approval of spot crypto ETFs. The recent changes allow exchanges to list exchange-traded products based on commodities, including those linked to cryptocurrencies, without separate review for each one.

Rapid Approvals Could Be on the Horizon

James Seyffart, an ETF analyst at Bloomberg Intelligence, stated that "the SEC can act incredibly quickly if it really wants to," suggesting that approvals could come within days. However, there is no guarantee regarding how quickly these decisions will be made.

The implications of these developments extend beyond just Solana. The streamlined process could benefit all cryptocurrency ETFs currently awaiting approval, potentially opening the floodgates for a wave of new crypto investment products accessible to traditional investors.

What This Means for the Crypto Market

The approval of additional cryptocurrency ETFs would represent a significant milestone for the industry, providing more institutional and retail investors with regulated exposure to digital assets. Spot ETFs allow investors to gain exposure to cryptocurrencies without directly owning the underlying assets, addressing concerns about custody, security, and regulatory compliance.

Following the successful launch of Bitcoin ETFs earlier this year, which attracted billions in inflows, the approval of ETFs for other cryptocurrencies like Solana, XRP, and Dogecoin could further legitimize the asset class and potentially bring substantial new capital into the market.

According to industry experts, we might have an answer in the coming days or even sooner. The crypto community is watching closely as this regulatory development could mark another significant step toward mainstream adoption of digital assets.