No Green Light Yet: What’s Behind the SEC’s Delay on Solana ETFs?

2025/05/20 14:56

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SEC Delays Decision On Solana ETFs And Opens Public Comment Period

The U.S. Securities and Exchange Commission (SEC) has pushed back its deadline to decide on several exchange-traded fund (ETF) proposals linked to Solana, signalling a more cautious approach as it seeks wider public input.

The regulator announced this move on Monday through separate filings for four funds, including those from 21Shares, Bitwise, VanEck, and Canary Capital.

Rather than moving towards immediate approval or rejection, the SEC emphasised,

“Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved.”

SEC POSTPONES DECISION ON SPOT SOLANA ETFS

- The U.S. Securities and Exchange Commission (SEC) delayed its ruling on spot Solana ETF applications filed by major players including VanEck, 21Shares, Fidelity, and Bitwise.

KEY DETAILS:

- The regulator initiates proceedings to… pic.twitter.com/ETOvYO1kAp
— BSCN (@BSCNews) May 20, 2025

The agency is now inviting comments from the public on the proposed rule changes, a standard part of its evaluation process.

Why Is The SEC Taking More Time On Solana ETFs

This delay highlights the complex legal and policy considerations that remain around crypto ETFs, particularly those tied to Solana’s native token, SOL.

The SEC’s cautious stance follows earlier setbacks, including the 2024 rejection of some Solana ETF applications due to Solana’s previous classification as an unregistered security under former SEC Chair Gary Gensler.

SEC Halts Solana ETF Progress

The SEC and Cboe halted the filing process for Solana ETFs due to concerns over Solana's classification as a security. Following discussions, they agreed not to submit 19b-4 filings, which would have initiated the approval process. This move… pic.twitter.com/RiJjACpJh9
— The Wolf Of All Streets (@scottmelker) August 20, 2024

The four funds seeking approval aim to track SOL’s price using benchmarks like the CME CF Solana – Dollar Reference Rate and the MarketVector Solana Benchmark Rate, with shares planned for listing on the Cboe BZX Exchange if cleared.

However, the regulator’s request for additional scrutiny and public feedback suggests unresolved regulatory questions persist.

What Does This Mean For The Crypto ETF Landscape

The SEC’s approach fits a wider trend where it continues to consider a broad range of crypto asset ETFs, spanning established digital currencies and more speculative assets.

Alongside Solana, the regulator is reviewing proposals for funds linked to XRP, Dogecoin, and even NFTs.

Following the Biden administration’s shift towards a more open stance on crypto, and after pivotal court rulings allowed spot Bitcoin and Ethereum ETFs, expectations had grown that crypto-based ETFs would soon see quicker approvals.

Yet, Bitwise Asset Management’s CFA Juan Leon cautioned that these processes remain bureaucratic and slower than many anticipate.

He said,

“People have to realise that these government organisations are bureaucratic, and these processes take longer than people realise. There is undoubtedly room for disappointment in the market, but I think we're seeing an inflection point in the regulatory race.”

New Leadership Signals Change But Challenges Remain

The SEC’s renewed attention to digital asset ETFs coincides with a fresh leadership approach under Chair Paul Atkins, who has criticised past regulatory methods and outlined his vision for crypto oversight.

Yet, despite the more positive signals, the agency continues to balance innovation with caution, carefully evaluating the risks tied to these new financial products.

The inclusion of a public comment period is reminiscent of the process seen with Ethereum ETFs last year, where strong public support helped pave the way for eventual approvals.

It may mark a crucial stage for Solana ETFs too, especially as firms like Grayscale and ProShares also compete in the space.

Is The Market Ready For More Crypto ETFs

While enthusiasm among investors and asset managers remains high, the SEC’s deliberate pace serves as a reminder that regulatory clarity is still evolving.

The flood of applications for digital asset ETFs following political shifts and regulatory dialogues shows significant interest, but the path to approval is anything but straightforward.

The SEC stated,

“The Commission seeks and encourages interested persons to provide comments on the proposed rule change.”

As the agency weighs these inputs, the future of Solana ETFs—and many other crypto-linked investment products—will continue to unfold with caution and attention to detail.

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No Green Light Yet: What’s Behind the SEC’s Delay on Solana ETFs?

SEC Delays Decision On Solana ETFs And Opens Public Comment Period

Why Is The SEC Taking More Time On Solana ETFs

What Does This Mean For The Crypto ETF Landscape

New Leadership Signals Change But Challenges Remain

Is The Market Ready For More Crypto ETFs

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