The U.S. SEC has once again hit the 'pause button,' delaying decisions on multiple Solana (SOL) spot ETF applications and initiating a public consultation process. As the review process is extended again, the timeline for the launch of related products remains uncertain.
According to regulatory documents released on Monday, the U.S. SEC stated that the listing proposals for Solana spot ETFs from issuers such as 21Shares, Bitwise, VanEck, and Canary Capital still involve many regulatory issues that need clarification, and thus they have decided to further postpone the review timeline.
It is worth noting that the U.S. SEC's decision to delay does not indicate a tendency to approve or reject the relevant ETFs, nor does it send any signal to the market. The official documents emphasize that:
Initiating the 'Institution of Proceedings' does not indicate that the committee has reached any conclusions on any issues. The committee welcomes and encourages all parties to provide feedback on the proposed rule changes.
In addition to the Solana spot ETF, the U.S. SEC is currently reviewing multiple cryptocurrency ETF applications, ranging from mainstream and meme coins like Ripple (XRP), Litecoin (LTC), and Dogecoin (DOGE), to NFT assets represented by Pudgy Penguins, with unprecedented market enthusiasm.
Especially after Trump returned to the White House last November, the cryptocurrency industry generally holds high expectations for the regulatory stance of the new government. Market observers pointed out that after the new government took office, it not only dismissed legal lawsuits against multiple cryptocurrency companies but also actively held public discussions, conveying signals of regulatory relaxation, prompting asset management institutions to rush to submit ETF applications.
Among them, Solana, as the 6th largest cryptocurrency by market capitalization, naturally becomes the first choice for investment product layout. Especially recently, heavyweight players like 21Shares and Bitwise have collectively launched their efforts, leading to optimistic market expectations.
However, Juan Leon, chief analyst at Bitwise Asset Management, reminds investors to remain cautious and not to have unrealistic expectations.
He stated: 'Many people originally thought that once the application was submitted to the SEC, the subsequent process would be smooth sailing. But the reality is that the internal procedures of government agencies are complex, and the pace is often slower than the market imagines.'
There is undoubtedly a disappointing space in the market, but I believe we are seeing a turning point in the regulatory race, and we will see more cryptocurrency-related products enter the market in the next year or two.
