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- SEC delays decision on Solana ETFs, sets October review deadline.
- Multiple issuers amend filings as crypto ETF proposals keep rising.
- BlackRock avoids Solana ETFs while market interest continues to grow.
The U.S. Securities and Exchange Commission has delayed its decision on proposed Solana exchange-traded funds from Bitwise and 21Shares. According to Thursday’s filings, the next deadline for a ruling is October 16.
Regulators claimed that they must consider the proposals further and resolve the concerns they discovered during their review. This is in line with the SEC’s practice of delaying decisions on cryptocurrency ETF applications by giving deadline extensions.
Also Read: Altcoin Frenzy: Open Interest Soars to $47B, Setting New All-Time High
Several Major Firms Await SEC’s Approval
Similar review delays are being met by other Solana ETF proposals by companies like Grayscale and Fidelity. Such delays continue to be the order of the day when the SEC asks for more time to make thorough evaluations.
ProShares, Canary, 21Shares, and Grayscale are some of the issuers who have adjusted their filings to comply with changing SEC requirements. The purpose of such changes is to increase the likelihood of approval in a changing regulatory environment.
Crypto ETF Proposals Expanding Across Markets
Cryptocurrency ETF applications have increased in recent months in different digital assets. However, BlackRock has assured that it will not introduce a Solana fund.
The asset manager still has Bitcoin and Ethereum ETFs on its list, as well as trades that have already been authorized to trade in the market. This is unlike other issuers, who are on an aggressive campaign to introduce new cryptocurrency investment products.
Regulatory Approach Shifting Toward Digital Assets
Over the past year, the SEC’s stance toward cryptocurrency ETFs has changed significantly. In July, it authorized modifications to its rules that allow in-kind creations and redemptions of digital asset funds.
The agency also entertained applications for spot Bitcoin and Ethereum ETFs and options on some spot Bitcoin products. More recent filings now incorporate proposals with XRP and DOGE, broadening institutional interest in cryptocurrency markets.
The extension is an indication of how the SEC has been handling the cryptocurrency ETFs with care but with some degree of deliberation. Decisions in the coming months will shape the future of pending Solana fund proposals.
Also Read: Singapore Pushes Tokenisation Drive as Ripple’s XRP Ledger Gains Key Role
