According to Bloomberg Intelligence, Solana-based exchange-traded funds (ETFs) might not be introduced in the United States until 2026, despite a potentially crypto-friendly administration. James Seyffart, an analyst with Bloomberg Intelligence, noted the ongoing legal issues concerning Solana’s status as a security as a major obstacle. The U.S. Securities and Exchange Commission (SEC) has not yet resolved lawsuits that allege Solana is an unregistered security, which complicates the approval process for ETF issuers. Seyffart explained that the SEC’s Division of Enforcement’s position on Solana as a security prevents other divisions from considering it for a commodities ETF.
A possible change in regulatory attitude could occur under President-elect Donald Trump, who has expressed intentions to promote the U.S. as a global leader in the crypto industry by installing pro-industry leaders at key financial regulatory bodies, including the SEC. Under the Biden administration, the SEC has been notably strict with the crypto sector, authorizing Bitcoin and Ether spot ETFs but remaining dismissive of others, such as Solana-focused ETFs.
Though several asset managers have filed applications to introduce ETFs holding various altcoins, these have not progressed. The ongoing regulatory uncertainty surrounding Solana has left issuers in limbo, with many filings made but not acknowledged or approved by the SEC. Industry insiders view the anticipation of regulatory movement under a Trump administration as akin to holding out for potential gains in a speculative market. Nonetheless, perspectives differ, with some experts, like VanEck’s Matthew Sigel, arguing the likelihood of a Solana ETF debuting in the U.S. by 2025 is high.