SEC delays decision on 21Shares and Bitwise Solana ETFs, opens public comment period

The U.S. Securities and Exchange Commission pushed back its deadline on whether to proceed with two proposed Solana exchange-traded funds and asked for public comment. The SEC said it was "instituting proceedings" for both the 21Shares Core Solana ETF and the Bitwise Solana ETF, in filings posted on Monday. "Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved," the SEC said in the filings. "Rather, the Commission seeks and encourages interested persons to provide comments on the proposed rule change."The SEC is weighing dozens of proposals for new crypto ETFs ranging from SOL to XRP to Dogecoin. Multiple firms are vying for a SOL ETF, including Canary, Grayscale, and ProShares, as the agency is expected, and has so far, taken a friendlier approach to digital assets than in years past. During the Biden administration and following a pivotal court ruling, the SEC approved the listing and trading of spot bitcoin ETFs and later spot Ethereum ETFs. Since President Donald Trump took office in January, the SEC has dropped several lawsuits against crypto firms and has held public crypto roundtables to discuss how to regulate the industry. New SEC Chair Paul Atkins unveiled his vision for crypto regulation on Monday at a crypto roundtable, while criticizing the agency's previous approach.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.