tl;dr
The US Securities and Exchange Commission (SEC) has delayed its decision on five Solana exchange-traded funds (ETFs), including those from Canary Solana Trust, 21Shares, Bitwise, VanEck, and Fidelity, extending their regulatory review periods. The SEC postponed the deadline to review these ETFs to s...
The US Securities and Exchange Commission (SEC) has postponed its decision on five Solana exchange-traded funds (ETFs), including those from Canary Solana Trust, 21Shares, Bitwise, VanEck, and Fidelity. This extension extends the regulatory review period and seeks public comments before a final ruling.
The initial deadlines were delayed, with the SEC pushing the review from April 4 to May 19 for four applications and extending Fidelity's fund decision deadline from May 24 to July 8. The SEC emphasized that its request for public comments does not indicate any conclusions but aims to gather broader input on the proposals.
This delay reflects the SEC's cautious approach to altcoin-based financial products, continuing a pattern of deferrals seen with other cryptocurrency ETFs such as Grayscale’s Solana ETF and applications involving XRP, Litecoin, and Dogecoin.
According to prediction platforms, the likelihood of a Solana ETF being approved by July 31 stands low at 16%, but it climbs significantly to 85% by December, indicating optimism over the longer term.
Despite the regulatory delays, Solana's price showed resilience, rising 2.7% recently and trading around $169 at the time of reporting. This situation highlights both the regulatory hurdles facing crypto ETFs and the ongoing market interest in Solana as an altcoin.