The U.S. Securities and Exchange Commission (SEC) has officially delayed its decision on multiple Solana-based exchange-traded fund (ETF) proposals, including applications from 21Shares, Bitwise Asset Management, VanEck, and Canary Capital, according to regulatory filings released Monday. Citing the need for additional time to evaluate legal and policy implications, the Commission extended the review period without indicating whether the outcome would be favorable or not. “Institution of proceedings does not indicate that the Commission has reached any conclusions concerning any of the issues involved,” the SEC noted in its statement, adding that it welcomes public comments on the proposed rule changes.
Crypto Market Watches Closely as SEC Stalls ETF Progress
This delay comes as the SEC faces mounting pressure to clarify its stance on digital asset ETFs amid growing institutional demand and rising political support for crypto innovation. The filings from major asset managers aim to bring Solana (SOL) exposure to mainstream investors through regulated, exchange-traded products.
The postponed decisions reflect the SEC’s cautious approach, even as optimism had surged after U.S. President Donald Trump’s pro-crypto administration began taking shape. Since his election last November, the industry has expected faster ETF approvals, with regulatory overhaul and the appointment of crypto-friendly officials in key positions.
However, these recent delays signal that optimism may need to be tempered.
Bitwise: Market Should Temper ETF Approval Expectations
Juan Leon, CFA at Bitwise Asset Management, told Decrypt that while the industry has moved swiftly in submitting proposals, the regulatory machine works much slower.
“People were expecting the Commission to just green light everything as soon as the applications got put in, but that isn’t how the process works,” said Leon. “These are bureaucratic agencies, and it takes time.”
Still, Leon believes the current moment is pivotal. “There is undoubtedly room for disappointment in the market,” he said. “But I think we're seeing an inflection point in the regulatory race, and we’re going to see many more products come to market over the next year or two.”
ETF Boom Looms—but Not Without Patience
As of now, the SEC is not only reviewing Solana ETF proposals but is also sorting through a flurry of filings for ETFs based on a range of digital assets, including Dogecoin, Bonk, Official Trump meme coin, NFT-themed products like Pudgy Penguins, and blue-chip cryptos such as Ethereum and Bitcoin.
Though the crypto sector has made progress in winning legitimacy, the wait for formal approval continues, underscoring the slow but steady nature of regulatory evolution in the United States.
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