SEC Kicks the Can: Will Solana ETFs Ever See the Light? 🤔

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SEC Kicks the Can: Will Solana ETFs Ever See the Light? 🤔

Ah, the wonder that is American regulatory prudence! The U.S. Securities and Exchange Commission, in its infinite wisdom, has chosen to postpone its regal decision on four ambitious Solana exchange-traded funds, including those quietly proposed by the illustrious firms of Bitwise, 21Shares, VanEck, and the ever-charming Canary.

Solana ETFs waiting in limbo

On a fine day, May 19, our benevolent overseers announced that they shall “institute proceedings.” Truly, what a delight—a procedural dance to review whether these ETFs meet the lofty standards of regulation. This charming delay grants them more time, a window to ponder and invite public comments, as if their minds are ever in doubt.

The SEC kindly reassures us: “This does not imply any conclusion has been reached.” How reassuring! They only need “more time,” for their grand examination under the venerable Securities Exchange Act, especially to ensure no fraud or foolery sneaks in—because nothing screams “trust us” like bureaucratic delays.

Among these delayed dreams is Bitwise’s Solana ETF, first unveiled in the January days, and 21Shares, the digital darling known for Bitcoin and Ethereum ventures, eagerly filing their own Solana proposals with the same youthful optimism.

Crypto delay

Despite an audience clamoring for more altcoin excitement, no Solana ETF has yet received the coveted stamp of approval in the land of liberty and delay. Our dear SEC, ever cautious, delicately navigates the treacherous waters of protecting investors, insisting that these proposals follow Section 6(b)(5)—which essentially states, “Make sure no one gets tricked, and everyone plays fair.”

Meanwhile, the regulatory bottleneck thickens! Filings for Dogecoin, XRP, and other crypto delights remain in the depths of committee chambers. But hope, however faint, persists—Bloomberg’s soothsayers, Seyffart and Balchunas, predict a 90% chance that by late 2025, Solana and Litecoin ETFs will grace us with their presence, thanks to favorable classifications and institutional love.

Uncertain Future

Or so they say. Yet, the future remains as clear as a foggy mirror. Investors, dear souls, might find themselves tangled in the web of delays, their dreams prolonged as the SEC’s bureaucratic ballet continues. Patience, or perhaps despair, is the order of the day. 🤡💼

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2025-05-20 09:08