SEC Continues to Delay Decision on Solana ETF, Investors Await New Expectations.
The United States Securities and Exchange Commission (SEC) has just announced a postponement of the approval decision for Exchange Traded Fund (ETF) proposals related to Solana (SOL), causing the cryptocurrency investment community to continue waiting.
According to the file published on Thursday, SEC set a new deadline on October 16 to make a decision on two funds: Bitwise Solana ETF and 21Shares Core Solana ETF. The reason given is that the agency needs more time to carefully review regulatory changes and related legal issues.
This move is consistent with SEC's recent trend of extending processing times for cryptocurrency-related ETF files. Previously, many other Solana fund proposals, including those from Grayscale and Fidelity, were also delayed – a process quite familiar to the market.
Since Donald Trump's re-election and becoming president at the end of 2024, analysts note that the legal environment for digital assets in the US has become less strict compared to the previous period. Many asset management companies have quickly updated their files, adjusting fund structures to meet SEC requirements, with hopes of soon being granted approval.
Major names like ProShares, Grayscale, Canary, 21Shares… are all waiting for the "green light" from SEC. However, notably, BlackRock – the world's largest asset manager – stated that they currently have no plans to launch an ETF for Solana, though they are operating Bitcoin and Ethereum ETFs.
SEC Changes Perspective on Cryptocurrency ETFs
In the past 12 months, SEC has shown a significant shift in stance towards cryptocurrency funds. In July, the agency approved the "in-kind creations and redemptions" mechanism for crypto ETFs. This paved the way for approving spot Bitcoin ETFs, spot Ethereum ETFs, as well as options on these products.
Previously, under the previous administration, SEC was controversial for delaying crypto ETF product approvals. However, the current change – combined with the US economic context prioritizing blockchain technology innovation – makes investors believe that the possibility of Solana ETF funds getting a green light is just a matter of time.
Currently, the market is closely monitoring every SEC move before the October deadline. If approved, the Solana ETF will become one of the important financial products, helping traditional investors easily access this rapidly developing digital asset.
