SEC Delays Decision on Solana and Other Crypto-Based ETF Proposals

The U.S. Securities and Exchange Commission (SEC) has extended the deadline for deciding on several proposed exchange-traded funds (ETFs) tied to Solana and other cryptocurrencies, according to regulatory filings released Monday. The proposals under review come from 21Shares, Bitwise, VanEck, and Canary Capital.

Additional Review Time Cited by the SEC

In its statement, the SEC said it requires additional time to assess the legal and public policy implications of the filings. The agency emphasized that the extension does not indicate any predisposition toward approval or rejection. “The institution of proceedings does not indicate that the Commission has reached any conclusion on the issues involved,” the SEC noted, while inviting public comments on the proposed rule changes.

Expanding Scope: From Solana to Memecoins and NFTs

This latest delay comes as the Commission weighs multiple ETF applications tied to various digital assets. These include well-established tokens like Solana, as well as memecoins such as Dogecoin, Bonk, and Official Trump, and even NFTs like Pudgy Penguins.

Crypto Optimism Under the Trump Administration

Since President Donald Trump’s re-election last November, there has been a surge in ETF applications from asset managers seeking to capitalize on the new administration’s crypto-friendly stance. The White House has signaled plans to appoint pro-crypto regulators and pursue ETF reform, fueling optimism for a more efficient approval process.

Industry Voices Urge Realistic Expectations

Still, analysts urge caution. Juan Leon, CFA at Bitwise Asset Management, told Decrypt that expectations may be outpacing regulatory reality. “Many assumed the Commission would greenlight everything immediately after submission, but that’s not how the process works,” he said.

“These are government agencies—bureaucracy takes time,” Leon added. Nonetheless, he believes the market is approaching a pivotal moment. “I think we’re at an inflection point, and over the next year or two, we’ll likely see a wave of new crypto products hit the market.”