Grayscale has applied to convert its Solana Trust to an ETF, with a decision expected by the US SEC on January 25. Several other companies, including VanEck and 21Shares, have also proposed Solana ETFs and are awaiting regulatory approval. The SEC's Division of Enforcement has classified Solana and other digital assets as securities, making it difficult for other divisions to consider a commodities ETF for Solana. The recent departure of SEC Chair Gary Gensler adds uncertainty to the regulatory landscape. The appointment of Paul Atkins, a crypto advocate, as SEC Chair could potentially facilitate the approval of Solana ETFs, but the confirmation process is expected to take several months.



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