The United States Securities and Exchange Commission (SEC) has delayed its decision on Solana ETF proposals submitted by Bitwise and 21Shares. The agency is expected to convene on October 16 to determine whether to approve or reject the filings.
In the report, the SEC mentioned that it needs more time to look into the proposals and the issues they raised. This is coming after its previous extensions and formal proceedings that started as far back as May.
SEC pushes Bitwise and 21Shares SOL ETF verdict
According to the statement from the SEC, the agency noted that it invoked its full 60-day extension authority, following an earlier delay in March and the initiation of formal proceedings in May. In its latest notice, it cited the need to thoroughly assess broader market implications, regulatory compliance, and investor protection measures before taking any final action.
The standard public comment period and review process kicked off after both entities submitted their first applications on January 28, 2025, and the filings were published in the Federal Register on February 18, 2025. To meet the agency’s expectations for transparency, market integrity, and protection against potential manipulation, both firms updated their filings to align more closely with SEC requirements.
The updates showed that both Bitwise and 21Shares want to provide a strong framework for a Solana-based ETF that could operate safely in the U.S. market while responding to regulatory concerns. The ongoing debate about whether Solana should be classified as a security or a commodity continues to influence the SEC’s cautious approach. Analysts have also pointed out the concentration of control among a small number of network participants and the maturity of the Solana network as other determining factors.
As the SEC carefully evaluates each proposal’s regulatory, technical, and market-related aspects, the applications of Grayscale, Fidelity, ProShares, and Canary Funds for Solana ETFs face similar delays. The repeated delays show that the SEC weighs factors such as market integrity, investor protection, and the proper classification of Solana as a security or commodity before approval.
Meanwhile, the world’s largest asset manager, BlackRock, said it has no interest in the Solana market because it’s satisfied with its existing Bitcoin and Ethereum ETFs. Analysts say BlackRock’s choice could influence how other large managers approach the Solana ETF market in the future. It may also reflect the firm’s assessment of Solana’s relative risk compared to Bitcoin and Ethereum.
