The launch of Solana exchange-traded funds (ETFs) in the United States is likely to be delayed until 2026 due to pending legal challenges regarding Solana’s classification as a security, according to Bloomberg Intelligence analyst James Seyffart. The current situation is complicated by the U.S. Securities and Exchange Commission’s (SEC) ongoing lawsuits against cryptocurrency exchanges that classify Solana as an unregistered security. This classification impedes analysis for a commodities ETF wrapper.
Seyffart noted that issuers might make progress with Solana ETF filings after President-elect Donald Trump assumes office. However, due to the SEC’s lengthy review process, which typically spans 240 to 260 days, the approval could well extend into 2026. Under President Joe Biden, the SEC has enforced strict regulatory measures against crypto industries, authorizing spot Bitcoin and Ether ETFs while neglecting other applications, including those for spot Solana ETFs. Despite efforts by asset managers to list ETFs involving Solana and other altcoins like XRP and Litecoin, these attempts have largely been disregarded by the SEC.
The likelihood of Solana ETF approvals is uncertain, with varying views in the sector. While some analysts, like Seyffart, predict delays, others, including Matthew Sigel of VanEck, believe a U.S. Solana ETF could receive approval before the end of 2025. As President Trump aims to establish the U.S. as a global crypto hub and appoint crypto-friendly administrators to key regulatory bodies, there remains a cautious optimism about the future of crypto ETFs in the country.