PANews reported on March 3 that Sosovalue macro analysts said that according to the current SEC regulatory framework, cryptocurrency spot ETFs must undergo dual review of the S-1 registration document and the 19b-4 exchange rule adjustment document. The SEC must announce the preliminary review results within 45 days after accepting the 19b-4 document and make a final decision within 240 days at the latest.
Take Grayscale Solana Trust as an example, its 19b-4 document was accepted by the SEC on February 12. The SEC can reject or postpone it within the first 30 days, but cannot directly approve it, so the earliest approval window is March 14, and the preliminary review deadline is March 29, which may release key regulatory signals. If Grayscale Solana Trust is approved, Bitwise Solana ETF and other SOL spot ETFs that adopt the same exchange rule adjustment plan may be approved at the same time, and market liquidity expectations will start pricing reaction at this stage.
If we refer to the approval time of Bitcoin spot ETF (up to 240 days), the latest approval date of SOL spot ETF is October 10, 2025. However, under the current regulatory environment, the market generally expects that the SEC's approval process may be accelerated.
