The introduction of Solana-based exchange-traded funds (ETFs) in the United States may be potential launch date as far a January 16, 2025 interview, Bloomberg Intelligence analyst James Seyffart emphasized the obstacles that could hinder the process. Although the change in administration on January 20 may bring some progress, Seyffart suggested that the SEC’s evaluation process may be more pointing out that the for filings typically spans around 240-260 days.
Ongoing legal actions by the U.S. Securities and Exchange Commission (SEC) against cryptocurrency exchanges have added complexity to the situation. The SEC lawsuits claim that Solana (SOL) is an unregistered security, leading to a halt in other SEC divisions assessing Solana for approval as a commodities ETF. Seyffart highlighted that the classification of Solana as a security by the SEC’s Enforcement Division hinders its consideration for a commodities ETF by other departments.
Although a delay is probable, Seyffart suggests that issuers may experience a breakthrough with the transition to the new administration. The incoming president has expressed enthusiasm for cryptocurrency and vowed to establish a more favorable regulatory landscape, which may lead to the appointment of officials sympathetic to the digital asset sector. In contrast, the SEC has taken a more stringent approach to regulation under the current administration, with a notable focus on cryptocurrency enforcement.
submissions, the SEC has been slow to review and acknowledge many Solana ETF applications, effectively rejecting them without formal notice. Undeterred, asset managers continue to submit filings for a range of ETFs, including those centered on alternative cryptocurrencies like Solana, Litecoin, and XRP, despite lingering uncertainty around regulatory clearance. Meanwhile, proposals for cryptocurrency index ETFs, which would track a diversified portfolio of digital assets, remain in limbo awaiting approval.
Matthew Sigel, who leads the digital asset research department at VanEck, holds a different opinion from Seyffart’s more careful perspective. In November 2024, Sigel expressed confidence in the high likelihood of a Solana ETF receiving approval by the conclusion of 2025. His belief is based on the anticipated acceleration of the approval process due to market demand and regulatory adaptations.
Although Bitcoin and Ether ETFs received approval in 2024, the process for Solana ETF filings is currently encountering major obstacles. Issuers and investors are in a holding pattern as they anticipate how changes in politics and regulations might impact the timeline for the launch of these financial products.
