Although crypto participants remain optimistic about the approval of a Solana ETF, it may take some time before these investment products receive official approval. In separate communications on Thursday, the SEC announced the postponement of the reviews of Solana ETFs for Bitwise, 21Shares, and Canary Capital.
Bloomberg ETF analyst James Seyffart also revealed that the agency has delayed the review of the Marinade Finance SOL ETF proposal.
The agency explained that extending the deadline for the approval of the SOL ETF will allow sufficient time to deliberate on all the complexities related to the proposals.
"The Commission finds it appropriate to designate a longer period to issue an order approving or disapproving the proposed rule change to have sufficient time to consider the proposed rule change and the issues raised therein." The U.S. Securities and Exchange Commission.
With this recent delay, the commission has exhausted its permitted extension to review these investment products. This means it is obligated to issue a definitive verdict on the position of these financial vehicles by the established date of October 16.
Interestingly, this is not the first time the commission has accelerated deadlines on crypto-focused investment proposals. In the past year, the SEC has also delayed approvals for SOL ETF applications from Grayscale, CoinShares, and Fidelity.