The U.S. Securities and Exchange Commission (SEC) has postponed its decision on several high-profile proposals for Solana-based exchange-traded funds (ETFs), extending its review of applications submitted by 21Shares, Bitwise, VanEck, and Canary Capital.
In regulatory filings published Monday, the agency stated it needs additional time to evaluate complex legal and policy issues tied to the proposed ETFs. The delay does not indicate any preliminary stance—approval or denial—but instead reflects the SEC’s intent to fully assess the implications of bringing a Solana-linked investment product to public markets.
“Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved,” the SEC noted.
This pause comes amid a broader wave of crypto ETF applications, as the industry continues to seek institutional access via regulated investment vehicles. While the SEC has approved Bitcoin and Ethereum ETFs in recent months, products tied to altcoins like Solana face heightened scrutiny due to concerns about market structure, investor protection, and manipulation risks.
The extended review period also opens another round of public commentary, offering stakeholders the opportunity to weigh in before a final decision is made.
“The Commission seeks and encourages interested persons to provide comments on the proposed rule change,” it added.
Solana Delay Reflects Broader ETF Caution at SEC
The SEC’s delay on Solana ETF proposals highlights a more cautious stance amid a flood of digital asset fund applications. Recent filings span everything from major cryptocurrencies like Solana to meme coins such as Official Trump, Bonk, and Dogecoin, and even NFT-linked products tied to collections like Pudgy Penguins.
This influx follows a post-election shift under President Donald Trump’s administration, which has signaled support for a more crypto-forward regulatory environment. Promises to install pro-crypto officials and revamp ETF review processes have fueled optimism across the industry that more digital asset products may reach the U.S. markets soon.
However, industry leaders urge patience. Juan Leon, an analyst at Bitwise Asset Management, told reporters that political momentum doesn’t always translate into regulatory speed.
“People were expecting the Commission to just greenlight everything as soon as the applications were filed,” Leon said. “But that’s not how things work in Washington.”
Political Momentum Grows, But Bureaucracy Slows Progress
While Trump-era policy signals have encouraged crypto advocates, the SEC’s procedural tempo remains largely unchanged. Leon emphasized that while short-term frustration is understandable, long-term prospects remain strong.
“We’re clearly at a turning point in the regulatory cycle,” he said.
“Over the next year or two, I believe we’ll see many more crypto products come to market.”
The SEC’s delay is consistent with its past approach: cautious, deliberative, and anchored in thorough evaluation. The Commission’s priorities still hinge on market safety, investor protection, and systemic stability—factors it will continue to weigh before approving ETFs tied to newer, more volatile crypto assets like Solana.
For now, issuers and investors alike will need to balance their excitement for innovation with realistic expectations about regulatory processes and approval timelines.
Quick Facts
- The SEC has delayed decisions on Solana ETF proposals from 21Shares, VanEck, Bitwise, and Canary Capital, citing complex legal and policy issues.
- While Bitcoin and Ethereum ETFs have been approved, altcoin-linked products like Solana face tougher scrutiny over manipulation risks and investor protections.
- The delay triggers a new round of public commentary, giving market participants additional time to submit feedback before the SEC’s final ruling.
- Bitwise’s Juan Leon urged patience, stating that despite political momentum, the regulatory process for crypto ETFs remains slow and bureaucratic.
