Catenaa, Thursday, May 22, 2025- The US Securities and Exchange Commission (SEC) on Monday delayed its decision on several spot Solana exchange-traded fund applications, citing the need for additional time to assess legal and policy implications tied to the crypto investment products.
In filings published Monday, the SEC said it was initiating formal proceedings to evaluate proposals submitted by asset managers including 21Shares, Bitwise, VanEck and Canary Capital.
The delay does not signal whether the Commission will approve or reject the ETF applications, the agency clarified.
“The institution of proceedings does not indicate that the Commission has reached any conclusions,” the regulator noted, encouraging public comments during the review period.
The move comes amid growing interest from financial firms seeking to launch crypto-based ETFs following the SEC’s approval of spot Bitcoin and Ethereum ETFs last year. Solana, a top-ten cryptocurrency by market capitalization, is viewed by many as a strong contender for similar approval.
Asset managers have accelerated filings since the election of President Donald Trump, whose administration has promised a more crypto-friendly regulatory framework.
The influx of proposals has included applications based not only on major cryptocurrencies like Solana but also meme coins and NFTs.
Despite growing optimism, analysts warn that the regulatory process remains slow-moving. Bitwise CFA Juan Leon said applicants should temper expectations, noting that bureaucratic procedures and legal reviews are still in place.
