The American Securities and Exchange (SEC) commission has extended its examination of two leading proposals for the funds negotiated on the SPOT Solana (soil), reporting new delays in the process of approving investment products linked to crypto-liaison.
The agency said that it would start a new series of procedures to assess whether the proposals of the ETF of asset managers and 21 days are in accordance with the main provisions of the SECURITIES EXCHANGE ACT.
More specifically, the SECR has cited the concerns related to market manipulation and the protection of investors, factors that it is obliged to weigh before granting a list of ETFs.
Prolonged wait
Bitwise’s request, filed in January via Bzx Exchange from CBOE, and the distinct proposal of 21Shares have now been delayed at least once.
While the two companies have an experience in supplying cryptographic investment products, 21Shares already manages approved Bitcoin (BTC) Ethereum (ETH). The dry has not yet authorized any funds linked to Solana, a blockchain often presented as a faster and lower cost alternative to Ethereum.
The regulator said that he was looking for additional public contributions and analytical time to determine if the proposed rules would meet his standards to prevent fraud and ensure the confidence of investors.
The prudent tone of the regulator suggests that Solana, despite its growing importance, can face a longer path towards the approval of the ETF than its predecessors.
Regulatory inertia
The delay occurs in the middle of a wider regulatory bottleneck affecting several ETF of digital assets. The regulator has postponed decisions to several Crypto ETF in recent weeks and months. Nevertheless, optimism remains strong on the market.
Bloomberg analysts, James Seyffart and Eric Balchunas, previously said they expected high chances of approval for most ETF applications, the final green light planned during the second half of the year.
They estimated a probability of 90% possible approval for FNB Solana and Litecoin (LTC), attributing their optimism to favorable classifications of basic products and upwards of institutional interests.
However, with the final decisions potentially outside and a broader political uncertainty that persists, investors can be forced to wait until the end of 2025 for more clarity on the question of whether the ETF Solana will go to the American markets.
