SEC Delays Decision on Four Solana ETF Proposals
The U.S. Securities and Exchange Commission (SEC) has postponed its decision on four Solana ETFs.
the SEC has put off its decision on four Solana ETFs. These include proposals from Bitwise, 21Shares, VanEck, and Canary. The delay, announced on May 19. The SEC will now review whether these proposals meet regulatory standards.
This move allows the SEC to extend the review period and gather public feedback. The agency clarified that this step does not mean they have made any decisions.They need more time to ensure the proposals comply with the Securities Exchange Act, focusing on fraud prevention and investor protection.
Among the delayed proposals is the Bitwise Solana (SOL) ETF. It was first submitted in January via Cboe’s BZX Exchange.Bitwise’s fund would hold SOL directly, with prices tracked against the CME CF Solana-Dollar reference Rate. 21Shares, known for its spot Bitcoin and Ethereum ETFs, also filed a Solana proposal earlier this year.
Currently, no altcoin ETFs linked to Solana have been approved in the U.S.The SEC’s cautious approach to crypto-based investment products,especially those beyond Bitcoin and Ethereum,is evident in these delays.The SEC is assessing if the proposals comply with Exchange Act Section 6(b)(5).
Several other cryptocurrency ETF filings, including those for Dogecoin and XRP, are also under review. Bloomberg ETF analysts James Seyffart and Eric Balchunas are optimistic, estimating a 90% chance of approval for Solana and Litecoin ETFs by late 2025. However, the timeline remains uncertain due to the SEC’s request for public input.
