US SEC Delays Decision on Grayscale’s Solana ETF

The United States Securities and Exchange Commission (SEC) has delayed its decision to approve or deny a Solana exchange-traded fund (ETF) application from the asset management giant Grayscale.

According to a May 13 filing from the Commission, the agency will reveal its decision on a Grayscale ETF launching on the New York Stock Exchange (NYSE) by October 2025. The SEC’s latest move aligns with previous cases where it has taken advantage of its 240-day period to review crypto products.

SEC Delays Decision on Solana ETF

Grayscale applied for the Solana ETF through the NYSE in December 2024. By February 4, the asset manager had submitted an amendment to the proposal, replacing and superseding the original filing.

On March 11, the SEC delayed its decision to approve, deny, or commence proceedings to determine whether to greenlight or disapprove the ETF proposal. Now, the agency has instituted proceedings to evaluate the application’s compliance with regulatory guidelines.

“Institution of proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, the Commission seeks and encourages interested persons to provide comments on the proposed rule change,” the agency stated.

The proceedings will allow for the application to be evaluated further to ensure it is designed to prevent fraudulent and manipulative acts and practices and protect users’ interests. As usual, the agency has requested that interested individuals submit arguments supporting the approval or denial of the Solana ETF application.

Other Pending ETF Approvals

While the crypto community awaits the SEC’s decision by October, the agency’s approval or denial deadlines for Polkadot, XRP, and Dogecoin ETFs are coming in June. The Commission is expected to reveal its decision for Grayscale’s Polkadot ETF, 21Shares’ Polkadot ETF, and Franklin Templeton’s spot XRP ETF by June 11, 24, and 17, respectively. Bitwise’s spot Dogecoin fund shares the same decision date as Franklin Templeton’s XRP product.

Regardless of the possibility that the SEC could delay the decision for these products once again, market participants believe the funds, especially Solana ETFs, would be approved before the year runs out. This is evident on the crypto prediction platform, Polymarket, which shows that Solana ETFs have an 82% chance of being greenlit in 2025.

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