SEC accepts Grayscale Solana, LTC Spot ETF 19b-4 document application, and will approve or reject it at the latest by October this year (()

The SEC last night accepted a 19b-4 petition for the Grayscale Solana and Litecoin ETFs. Interactive Brokers is also planning to offer more cryptocurrency transactions, starting with Solana, and easing restrictions on the amount of money users can invest in. IB Brokers opens up UK investors to trade Cryptocurrency BTC, ETH, LTC. James Seyffart, senior ETF analyst at Bloomberg, posted at X this morning: The US SEC has accepted a 19b-4 application for the Grayscale Solana ETF. And said the move is worth following. Because the SEC rejected the SOL petition in its most recent attempt, this means that the SEC must now approve or deny the petition by October of this year. UPDATE: SEC just acknowledged the @Grayscale Solana 19b-4. This is actually newsworthy because the SEC had refused to do this in recent filing attempts for SOL pic.twitter.com/m2D88GKG5i — James Seyffart (@JSeyff) February 6, 2025 Generally, after the SEC confirms a 19b-4 petition, it will go through a review process of up to 240 days, which is as follows: 1. Acceptance and Public Notice Once the SEC acknowledges receipt of a 19b-4 petition, it registers it and publishes it in the Federal Register. This usually marks the beginning of the formal review process and triggers an initial 45-day review period. 2. Preliminary Review (45-day period, renewable to 90 days) The SEC must decide whether to approve, deny, or extend the review period within 45 days of receiving the application: 3. Further Extension of Review (Up to 240 Days) If the SEC deems that further review is required, it may further extend the decision period up to 240 days (typically in 90-, 60-, 30-day increments). 4. Final Decision (Approval or Denial) The SEC is ultimately required to make a decision within the statutory period of 240 days: Approval: If the SEC confirms that the proposal meets market fairness, liquidity, regulatory standards, it formally approves and the exchange may implement the changes. Disapprove: The SEC rejects the proposal if it deems it potentially risky (e.g., market manipulation, regulatory loopholes, etc.). Exchange Withdrawal Request (not mandatory): Exchange may withdraw a 19b-4 petition at its sole discretion until the SEC makes a decision to avoid the negative impact of a formal denial. SEC Advances Encryption ETF Progress It is worth noting that in addition to accepting Grayscale's Solana ETF application, the SEC also accepted a 19b4 file application for Grayscale's Litecoin (LTC) trust conversion to ETF last night. In addition, a number of fund houses have also been updated: BlackRock submitted a proposal for iShares BTC ETF to allow entity creation and redemption Cboe filed multiple 19b-4 documents to list and trade ETF applications by Bitwise, 21Shares, Canary Capital and WisdomTreeissuance's XRP ETFs Solana, Litecoin and XRP, It will provide an important reference for the approval of more cryptocurrency ETFs. VanEck's head of research predicted in January that the SEC's approval of the SOL ETF in 2025 was "extremely likely." SOL fell below $200 However, the news did not seem to help SOL in time, and in the context of BTC turmoil, SOL fell below $200 after 10 o'clock last night, fell as low as $187.4 this morning, and rebound returned to $193.7 before writing. Interactive Brokers plans to accept SOL trading On the other hand, Matthew Sigel, head of digital asset research at asset management firm VanEck, said on social platform X later yesterday (6), citing a document that Interactive Brokers, the number one broker in the United States, is planning to offer more cryptocurrency transactions, and will start with the popular old public chain Solana: Market Cap Gundam Interactive Brokers, a $100 billion online broker, plans to offer more cryptocurrency trading, starting with Solana. Currently, Interactive Brokers has set a cryptocurrency configuration limit of 1% for clients, but they are planning to increase this percentage. $IBKR, $100b Market Cap Online Broker Interactive Brokers Plans to Offer More Crypto Tokens, Starting With Solana Currently Caps Client Crypto Allocations to 1% – Will Raise That Number pic.twitter.com/yUYQcdUZbK — matthew sigel, recovering CFA (@matthew_sigel) February 6, 2025 What is Interactive Brokers? Interactive Brokers is the world's largest and number one U.S. brokerage, in addition to U.S. stock investment, Interactive Brokers also provides bonds, options, futures and other diversified financial investment products. In September 2021, Interactive Brokers officially announced that it has partnered with Paxos, a regulated cryptocurrency product and service provider, to officially launch a cryptocurrency trading service for U.S. residents, where U.S. users can trade and host four cryptocurrencies: BTC (BTC), Ethereum (ETH), Litecoin (LTC) and BCH on its platform. At the same time, in May last year, Interactive Brokers also announced that it had officially launched a cryptocurrency trading service in the United Kingdom, for British customers, Interactive Brokers also initially opened only BTC, Ethereum, Litecoin and BCH four cryptocurrencies. Also in Asia, Interactive Brokers announced in November 2023 that it has received regulatory clearance in Hong Kong to provide virtual asset trading services to local retail clients, becoming one of the first companies in Hong Kong to receive a SFC license to offer...