SEC Delays Decision on Solana ETFs, Seeks Public Comment
The U.S. Securities and Exchange Commission (SEC) has extended the review period for multiple proposed Solana (SOL) exchange-traded funds (ETFs), signaling that it is not yet ready to approve or reject these products. The agency has instead initiated proceedings and is inviting public comments.
Proceedings Begin for 21Shares and Bitwise Solana ETFs
In official filings released Monday, the SEC announced it is “instituting proceedings” for the 21Shares Core Solana ETF and the Bitwise Solana ETF. This move does not reflect any final judgment. As the SEC noted:
“Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, the Commission seeks and encourages interested persons to provide comments on the proposed rule change.”
VanEck and Canary Trusts Also Under Review
Later the same day, the SEC issued a similar call for public input on the VanEck Solana Trust and the Canary Solana Trust, showing that the regulatory body is broadening its scope to consider multiple SOL-based investment vehicles.
A New Era for Crypto ETFs?
The SEC is currently reviewing a wide array of cryptocurrency ETF proposals — from Solana and XRP to Dogecoin. The interest in spot Solana ETFs has surged in recent months, with major firms like Canary, Grayscale, and ProShares joining the race to launch such products.
The regulatory landscape for crypto has been shifting. During the Biden administration, a pivotal court ruling and growing institutional demand led the SEC to approve spot Bitcoin and later spot Ethereum ETFs. Since President Donald Trump took office in January, the agency has softened its stance further — dropping several lawsuits against crypto firms and increasing engagement with industry stakeholders through public roundtables.
New SEC Chair Signals Regulatory Shift
On Monday, Paul Atkins, the newly appointed SEC Chair, laid out his regulatory vision for crypto during a crypto roundtable event. He also criticized the SEC’s previous enforcement-heavy approach, suggesting a more balanced and transparent path forward for digital assets.
Conclusion
While the SEC has yet to greenlight any Solana ETFs, the initiation of proceedings and call for public input mark a significant step forward. With growing institutional interest and a more receptive regulatory environment, the future of spot Solana ETFs could be decided in the coming months. Investors and industry observers will be watching closely as the process unfolds.
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