The SEC has delayed decisions on multiple Solana ETF proposals, citing the need for more regulatory review and public feedback.
Despite institutional demand, no Solana ETF has been approved as the SEC evaluates compliance and investor protection standards.
SEC Chair Atkins pushes for unified crypto oversight and confirms formal rulemaking is underway to close regulatory gaps.
The U.S. Securities and Exchange Commission (SEC) has delayed its decision on several proposed spot Solana ETFs. The filings from Bitwise, VanEck, 21Shares, and Canary Capital will undergo further scrutiny. The SEC’s announcement on May 19 confirms that proceedings have been initiated to assess compliance with regulatory standards.
Consequently, this move extends the review period and opens a public comment phase. This delay includes Bitwise’s Solana ETF, first submitted via Cboe’s BZX Exchange in January. The fund would directly hold SOL and track prices using the CME CF Solana-Dollar Reference Rate. Similarly, 21Shares, already managing spot Bitcoin and Ethereum ETFs, submitted a Solana ETF proposal earlier this year.
Regulatory Concerns Remain Central
The SEC cited the requirement to take into account whether the proposals are sufficient under Section 6(b)(5) of the Exchange Act. Specifically, it emphasized protecting investors and preventing fraudulent activities. Further, the SEC noted that filing proceedings does not constitute any opinion regarding the merit of the filings.
Additionally, the agency reiterated that more time is needed to examine whether these altcoin-based products align with the public interest. Despite mounting institutional interest, the U.S. has not approved any Solana-based ETF to date.
SEC Eyes Streamlined Crypto Oversight
SEC Chairman Paul Atkins addressed the broader regulatory roadmap during the SEC Speaks conference. He urged the Commission to allow SEC-registered firms to handle both securities and non-securities under one regulated structure.
Atkins believes this framework would streamline crypto trading operations and reduce investor costs. Besides, it could bring non-security digital assets under federal oversight faster. Furthermore, Atkins confirmed that formal crypto rule proposals are already in progress. Meanwhile, SEC staff continue issuing informal guidance to address immediate regulatory gaps.
He acknowledged the agency’s inconsistent past approach. Crypto firms were often invited to engage, only to receive subpoenas. Hence, the SEC now aims for transparency, structured engagement, and clear rulemaking.
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