Solana ETF: SEC Says “Nah, Not Yet” 🙄

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So, the US Securities and Exchange Commission (SEC), bless their cotton socks, has decided to, yet again, postpone their decision on five Solana exchange-traded funds (ETFs). You know, those investment things tied to Solana (SOL). Because apparently, making a decision is just too much to ask. 🙄

This little bureaucratic dance affects the Canary Solana Trust, 21Shares Core Solana ETF, Bitwise Solana ETF, VanEck Solana ETF, and Fidelity Solana Fund. All just sitting there, waiting… like me on a Saturday night. 🍸

Why the Hold Up, SEC? Are You Guys Okay?

Originally, we were supposed to hear something by April 4th regarding 21Shares, Canary Capital, VanEck, and Bitwise. But then, on March 11th, they were like, “Nah, we need more time.” So they pushed it to May 19th. More time to… what? Stare at the ceiling? 🤔

And guess what happened on May 19th? Nothing! Well, not nothing. They announced they’d be asking for public comments. Because apparently, everyone’s opinion is crucial when it comes to financial regulations. Except mine, obviously. 🤷‍♀️

“Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, the Commission seeks and encourages interested persons to provide comments on the proposed rule change,” the SEC noted.

And Fidelity? Oh, they got the same treatment. Their proposal, originally due May 24th, is now being kicked down the road to July 8th. Because why not? 🤷‍♀️

“The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,” the statement read.

This is just the latest in a long line of delays. Remember Grayscale? They wanted a Solana ETF too. SEC said, “Hold your horses.” 🐎

And it’s not just Solana. XRP, Litecoin, Dogecoin – they’ve all been given the cold shoulder. It seems the SEC is a bit… hesitant when it comes to these “altcoin-based financial products.” Even with a “pro-crypto government.” (Whatever that means.) 🙄

The delay has even affected the odds on Polymarket. Apparently, the chances of a Solana ETF being approved by July 31st are now a measly 16%. But hey, at least there’s hope for December! 85% chance then. Maybe. Probably not. 🙃

Meanwhile, Solana’s price? Barely flinched. Up 2.7% in the last day. Currently trading at $169. So, you know, business as usual. 🥂

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2025-05-20 09:22