The U.S. Securities and Exchange Commission (SEC) has announced a delay in its decision regarding several proposed spot Solana exchange-traded funds (ETFs) submitted by companies including 21Shares, Bitwise, VanEck, and Canary Capital.
The agency stated it needs additional time to evaluate legal and policy aspects of these applications, with a specific focus on risks related to market manipulation and the safety of investors.
The SEC’s decision to pause the process does not mean the applications have been rejected or approved. Instead, the regulator has opened a formal review process and initiated a public consultation period. This allows investors, industry stakeholders, and other public members to share their views before a final ruling is made.
The SEC highlighted two major areas of concern: potential market manipulation within the Solana ecosystem and how well investors would be protected under the proposed structures. These concerns mirror the scrutiny that surrounded earlier applications for Bitcoin and Ethereum ETFs, which were ultimately approved after extensive review.