The SEC keeps delaying Solana ETF applications, postponing four filings from Bitwise, 21Shares, Canary Capital, and Marinade Finance. There has not been any concrete explanation for this process.
There are a few competing explanations for this setback, but there’s a simple and plausible answer. The Commission generally takes as much time as it can with these approvals, and it has until mid-October to decide the fate of these ETFs.
Solana ETF Faces Setbacks
For the last few months, community optimism has been very high regarding a Solana ETF, but the delays keep coming and coming.
It’s been a few months since the SEC’s last bulk delaying action, but ETF analyst James Seyffart reported that we’re in for another round:
According to today’s filings, four Solana ETFs have been postponed: those proposed by Bitwise, 21Shares, Canary Capital, and Marinade Finance.
Just two months ago, SOL staking ETFs seemed imminent, prompting an additional wave of bullish sentiments. The SEC is ostensibly under friendlier management right now, but these setbacks have been incessant. Why is this? What’s the holdup?
Does Anyone Know the Answer?
Unfortunately, it’s hard to be certain. Still, there are a few important data points that may explain this opaque process. For one, Caroline Crenshaw, an anti-crypto SEC Commissioner, has been delaying several ETF applications, preventing her colleagues from using the expedited approval process. She can’t block them outright, but she can slow them down.
Moreover, the SEC has a clear pattern of acting as slowly as it can with untested products. For example, it approved a basket ETF containing Solana last month but issued a stay order the following day.
The Commission was clearly sympathetic to this product but felt somehow compelled to keep this ETF from the open market.
Without a clear statement from the Commission, it’s possible to offer endless speculative explanations. The SEC is formulating new approval standards, so maybe that’s responsible for Solana ETF delays. It’s impossible to know for certain.
At least one thing is clear: the SEC has a final deadline to approve or reject these products by mid-October. Barring another strange move like the basket ETF approval and stay order, we should have Solana products available now.
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