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Breaking: US SEC Delays Decision On Solana ETFs

The US SEC has requested more time to decide on the Solana ETF filing from Bitwise and 21Shares, sparking speculations in the market
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Breaking: US SEC Delays Decision On Solana ETFs

Highlights

  • The 21Shares and Bitwise Solana ETF application has received another extension before approval
  • Amid the delay, the regulator has opened new proceedings that will guide its decision on the products
  • The price of Solana has stalled and this delay may delay its rebound push

The US Securities and Exchange Commission (SEC) has delayed its decision on the spot Solana ETF applications from 21Shares and Bitwise. The delay is part of the uncertainty surrounding the broader crypto ecosystem’s ETF pursuits from asset managers. According to an update from the markets regulator, it is “instituting proceedings” for the two firms’ filings starting today.

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US SEC and Solana ETF Bid

Many asset managers have filed for a Solana ETF, with the Bitwise filing lodged on January 28 with the BZX Exchange. After the SEC acknowledged the product, it initiated the first delay for the asset on March 11. 

21Shares was one of the first in the industry to file for a Solana ETF in the United States. Despite running spot Bitcoin and Ethereum ETF products, the firm has yet to secure approval for the current Solana fund.

As part of the newly opened proceedings, the regulator said it is opening grounds for potential disapproval in line with the commission’s existing policies as noted in its official communication detailing the postponement. 

“The Commission is instituting proceedings to allow for additional analysis of the proposed rule change’s consistency with Section 6(b)(5) of the Act, which requires, among other things, that the rules of a national securities exchange be “designed to prevent fraudulent and manipulative acts and practices” and “to protect investors and the public interest,” the regulator wrote.

Notably, the SEC delayed Grayscale SOL ETF earlier this month, an encompassing slowdown for most digital currency funds on its desk for reviews. The consideration for approval or disapproval remains a very polarizing conversation in the market. 

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Crypto ETF Approval Odds

It is worth noting that despite the United States of America security commission’s recent delays on Solana ETF decisions, CoinGape noted that Bloomberg analysts James Seyffart and Eric Balchunas remain optimistic, assigning 90% approval odds for Solana ETFs. 

Litecoin ETFs also share this high approval probability, benefiting from the SEC and CFTC’s classification of the coin as commodities. XRP ETFs follow closely, with an 85% chance, while Dogecoin and Cardano ETFs hold 80% and 75% odds, respectively. 

However, the regulatory process remains slow and uncertain, with postponements impacting various crypto ETFs. Some market participants remain cautiously hopeful about final approvals, most expected by late 2025. Other industry leaders continue to doubt the prospects in the coming months.

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Solana Futures ETF and SOL Price Outlook

The recent launch of Solana futures contracts by the CME Group marks a significant milestone. Pending the approval of a spot ETF, the product will grant investors regulated tools to hedge or gain exposure to SOL’s price movements. 

As of this writing, CoinMarketCap data shows that Solana’s price was $164.98, down by 1.28%. This current price outlook shows that the growing institutional interest in the top coin does not reflect the market outlook. Meanwhile, the SEC’s delay may further stall its rebound moves. 

Solana Price Chart | Source: TradingView

However, the mildly oversold RSI conditions, pegged at 55 hints at a possible rebound in the mid-term.

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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