SEC Warms Up to Solana ETF!

The first US Solana ETF may be on the horizon after the SEC acknowledged Grayscale’s amended application.

Author

Danielle du Toit
February 07, 2025

Here's what we've got for you today:

  • SEC Takes First Steps Toward Spot Solana ETF Approval

  • Congressman Slams Trump’s Crypto Stance and Industry Deregulation

  • Trump-Backed World Liberty Financial Aiming to Form ‘Strategic’ Token Reserve: Report

  • Tornado Cash Dev Gets Dutch Court Nod to Leave Prison Amid Appeal

The SEC took a big step toward approving a spot Solana exchange-traded fund (ETF) after acknowledging Grayscale’s amended application.

  • For the first time, the SEC is moving forward with a Solana ETF after acknowledging Grayscale’s amended application.

  • Bloomberg analysts James Seyffart and Eric Balchunas called this move a ‘notable’ shift, as previous Solana ETF applications were completely ignored by the regulator.

  • The SEC’s change in stance may be influenced by recent leadership changes, as former Chair Gary Gensler had classified Solana as a security and pursued legal action against exchanges trading it as an unregistered security.

Representative Al Green criticized President Donald Trump’s pro-crypto stance and recent meme coin launch during a House Financial Services Committee hearing.

  • During a Feb. 6 House Financial Services Committee hearing, Texas Representative Al Green criticized former President Donald Trump for promoting a “deregulatory pro-crypto agenda” while launching a meme coin.

  • The hearing was meant to discuss the Biden administration’s crypto regulation stance, but turned into a broader debate over “Operation Choke Point 2.0,” which Republicans claim was an attempt to debank the crypto industry.

  • Green dismissed these allegations by arguing that financial regulators like the FDIC only warned about crypto-related risks but did not actually enforce a policy to systematically debank crypto businesses.

According to World Liberty Financial co-founder Chase Herro, the platform plans on creating a “strategic reserve” with the tokens it buys.

  • Herro did not share details about the size or the intended use of the strategic reserve.

  • The project’s treasury recently declined by approximately 90%, and now holds around $35 million in various tokens after moving millions worth of AAVE, ENA, ETH, LINK, and WBTC on Monday.

  • Trump’s “crypto czar” David Sacks also recently reaffirmed the administration’s pro-crypto stance, which included plans to evaluate the creation of a national strategic bitcoin reserve.

🌪️ Tornado Cash Dev Gets Dutch Nod to Leave Prison Amid Appeal

Alexey Pertsev is set to be released from prison after a Dutch court suspended his “pretrial detention.”

  • Alexey Pertsev announced that while he is set to be released from jail, his freedom is still restricted under electronic monitoring.

  • He has been detained in the Netherlands since August of 2022, and argued in court that he should not be held responsible for how individuals used the Tornado Cash protocol for illegal activities.

  • The court rejected his defense, and ruled that Pertsev and the other Tornado Cash co-founders should have implemented stricter measures to prevent criminal misuse of the platform.

👀 QUICK NEWS

MEME OF THE DAY

How did you like today's newsletter?

Login or Subscribe to participate in polls.

That’s it for today. Don’t forget to share Coinpaper Digest with your friends!