Michaela
James Seyffart, an analyst at Bloomberg Intelligence, has discussed a pоtential dеlay in the launch of Solana exchange-traded funds (ETFs) in a recent interview with Blockworks.
In a January 16 interview on the Blockworks Macro YouTube channel, Seyffart mentioned that despite the crypto-friendly administration, the launch of a Solana (SOL) ETF in the U.S. may not happen until 2026.
He noted that the delay is primarily due to the SEC’s approval process, which typically takes 240 to 260 days. Seyffart also pointed out that the SEC’s ongoing lawsuits against crypto exchanges, claiming that SOL mаy be an unregistered security, could complicate the review process further.
“The SEC’s Division of Enforcement is calling Solana a security, which prevents other SEC divisions from analyzing it for a commodities ETF wrapper,” the Bloomberg ETF analyst stated.
President-elect Donald Trump, who has pledged to transform the U.S. into the “world’s crypto capital,” intends to appoint crypto-friendly leaders to overseе key financial regulatory bodies.
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As part of this effort, Trump plans to replace current SEC Chairman Gary Gensler with former SEC Commissioner Paul Atkins, known for his more favorable stance on cryptocurrency.
During Gensler’s tenure as SEC Chairman, the agency adopted a tough regulatory approach toward the cryptocurrency sector, filing numerous enforcement actions against firms within the industry.
In 2024, the SEC approved the listing of spot Bitcoin and Ether ETFs in January and July, respectively. However, other ETF applications, such as those for spot SOL ETFs, remain pending.
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“A bunch of Solana ETF filings were mаde but weren’t acknowledged by the SEC — they were effectively denied outright,” Seyffart said.
Last year, asset managers filed numerous regulatory applications to launch ETFs that would hold altcoins like SOL, XRP, and Litecoin. Meanwhile, issuers are also awaiting approval for several proposed crypto index ETFs, which aim to offer diversified portfolios of digital tokens.
Not everyone agrees with Seyffart’s outlook. In Novеmber, Matthew Sigel, VanEck’s head of digital asset research, expressed a more optimistic view. He said that the chances of a SOL ETF being listed in the U.S. before the close of 2025 are “overwhelmingly high.”
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MICHAELA
Michaela is a news writer focused on cryptocurrency and blockchain topics. She prioritizes rigorous research and accuracy to uncover interesting angles and ensure engaging reporting. A lifelong book lover, she applies her passion for reading to deeply explore the constantly evolving crypto world.
