- SEC rejected several Solana ETF filings in late 2024, leaving approval uncertain.
- Trump’s presidency could shift SEC’s stance, but Solana ETF approval may take years.
- Due to past delays, the SEC’s review process could extend Solana ETF approval into 2026.
As President-elect Donald Trump prepares to take office, the approval of Solana’s ETF remains uncertain. Solana (SOL) is one of the most successful cryptocurrencies, with a current market cap above $100 billion. However, it is still uncertain how it will gain approval to become an ETF.
SEC Rejection of Filings
Among the applications, the U.S. Securities and Exchange Commission (SEC) rejected several Solana ETF filings in late 2024. Several companies, including VanEck, Bitwise, and WisdomTree, had applied to list ETFs tied to the Solana network. The SEC’s rejection left the industry wondering when or if Solana ETFs would be approved.
James Seyffart, an analyst at Bloomberg Intelligence, pointed out that the SEC had essentially dismissed the filings. These proposals met all the necessary regulatory procedures, such as the 19b-4 forms, but did not receive support. Seyffart stated that the SEC withdrew the filings on its own accord, which left questions about the time frame for the approval.
Approval Delays and Legal Hurdles
As Donald Trump is expected to take oath as the President on January 20, 2025, there are rumors that a new leadership may alter the SEC’s position. Trump has vowed to make the US the world’s leader in cryptocurrency. He is expected to appoint industry-friendly regulators, which may result in faster approval of crypto ETFs, including Solana.
Related: Solana Introduces Lattice-Based Hashing for Efficient Scaling
However, according to Seyffart, even with a favorable government, it is possible that Solana ETFs won’t be available until 2026. He mentions the lengthy review by the SEC, which may take between 240 and 260 days. Moreover, the legal issues persisting regarding the status of Solana tokens as unregistered securities can also contribute to the holding of approval.
Nevertheless, there is still some optimism on the market. Polymarket, a global prediction market, at the moment, has the probability of Solana ETF at 54% before July 2025. However, the uncertainty remains, and the way to approval remains challenging to anticipate.
Source: Polymarket
The future of Solana ETFs now lies in the hands of the shifting laws. The crypto community is waiting to see how Trump’s administration will affect the decisions of the SEC in the next couple of years.
