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SEC postpones Solana ETF: What this means for investors!
The SEC postpones decisions on Solana, Polkadot and XRP ETFs. What does this mean for the crypto markets? Current insights.
SEC postpones Solana ETF: What this means for investors!
The US Securities and Exchange Commission (SEC) has once again postponed a decision on the proposed Solana spot exchange-traded fund (ETF). Grayscale's Spot Solana (SOL) Trust ETF, which is set to list on the New York Stock Exchange (NYSE), will now not be audited until October 2025, as Cointelegraph reported on May 13th. This delay follows the recent postponement of the decision on Canary Capital's Litecoin (LTC) ETF.
Spot ETFs are considered key drivers of liquidity and institutional adoption of digital assets. US Bitcoin spot ETFs are estimated to have accounted for around 75% of new Bitcoin (BTC) investments following launch. BTC hit $50,000 in February 2024, just a month after the ETFs began trading.
Challenges for Solana ETFs
Despite the potential that a Solana ETF offers for institutional adoption of Solana, current analysis suggests that U.S. implementation may not take until 2026. James Seyffart, an analyst with Bloomberg Intelligence, emphasized in an interview that the SEC's approval processes typically take 240 to 260 days and that ongoing lawsuits against Solana that classify it as an unregistered security significantly complicate that process.
Regulatory uncertainty is compounded by the SEC's aggressive stance under the Biden administration. Many applications for Solana ETFs have not been approved, which amounts to a silent rejection. Nevertheless, asset managers continue to submit applications for various ETFs, including those targeting altcoins such as Solana, Litecoin and XRP.
Future developments
The SEC could also exhaust its full 240-day review period for crypto financial products, as already seen with the Bitcoin and Ethereum ETF applications. Currently, investors expect an 82% chance of a SOL ETF being approved and an 80% chance of a Litecoin ETF being approved before the end of the year. Decisions on additional crypto ETF applications are due in June, including:
- Polkadot-ETF von Grayscale (Entscheidung bis 11. Juni)
- Polkadot-ETF von 21Shares (Entscheidung am 24. Juni)
- Spot-ETF für XRP von Franklin Templeton (Entscheidung am 17. Juni)
- Spot-ETF für Dogecoin (DOGE) von Bitwise (Entscheidung am 17. Juni)
Some analysts, like VanEck's Matthew Sigel, believe approval for a Solana ETF may be possible before the end of 2025, depending on market acceptance and regulatory adjustments, especially with a potential post-election political shift in which future President Donald Trump has announced younger, more crypto-friendly regulation.
Overall, the situation surrounding Solana and the associated ETF applications remains complicated. Loud CoinMarketCap The political landscape and regulatory environment will continue to have a significant impact on the timing of these financial products.