What’s the Latest Situation on Solana ETFs? When Do Experts Expect Approval?

As President-Elect Donald Trump prepares to take office, the crypto industry is brimming with optimism about the potential for game-changing policy changes under the new administration.

With Trump widely considered the most openly pro-crypto president in US history, many expect a regulatory environment that encourages cooperation rather than enforcement.

One of the most debated questions is whether the new administration will make it easier to approve spot exchange-traded funds (ETFs) following Solana (SOL).

Solana attracted a lot of attention in November after the U.S. Securities and Exchange Commission (SEC) hinted it would be interested in S-1 ETF filings. However, under its current leadership, the SEC has rejected applications from leading issuers such as VanEck, 21Shares, Bitwise, WisdomTree and Canary Capital. According to Bloomberg analyst James Seyffart, “The SEC essentially refused to accept the latest Solana ETF filings.”

Although applicants have filed the necessary 19b-4 forms to propose rule changes, sources claim that the SEC has requested that all applications be withdrawn. These forms played a critical role in the approval of spot Bitcoin and Ethereum ETFs last year, supporting optimism in the market.

With the change in SEC leadership under Trump, analysts and industry leaders are cautiously optimistic. ETF Store President Nate Geraci suggested that Solana ETFs could gain approval by the end of 2025.

However, regulatory timelines are quite strict. “Earliest approval is likely 240 days after new applications are filed,” said a senior executive at a company planning a Solana ETF issuance. “I would be very surprised if it happened sooner.” The administrator noted that 240 days represents the statutory deadline for SEC responses after applications are filed.

Canary Capital’s Chief Investment Officer Steven McClurg noted potential delays resulting from leadership transitions. “An optimistic forecast is by the end of 2025. “It’s possible, but very optimistic,” he said. “Crypto is not the SEC’s priority, it is a priority for us but not for them.” he added.

Similarly, Vivian Fang, a finance professor at Indiana University, noted that while Trump’s administration is more crypto-friendly, regulatory changes take time. “Even with a new SEC chairman, many staff members in the Trading and Markets Division remain the same,” he said, warning against expectations of immediate transformation.

*This is not investment advice.