The U.S. Securities and Exchange Commission’s (SEC) continued delay in approving a new wave of altcoin exchange-traded funds (ETFs) has ignited a fresh round of speculation within the cryptocurrency community. While uncertainty grows, some analysts and platforms like Polymarket suggest that optimism for ETF approvals—particularly for Solana [SOL]—remains resilient.
Amid the regulatory limbo, major asset managers including Bitwise, Canary, and Grayscale have proactively updated their S-1 filings for Solana ETFs to incorporate staking. This move would enable the ETFs to earn staking rewards on the SOL held in custody, offering an added layer of utility for investors. These amendments aim to preemptively address the SEC’s concerns about investor protections and fund structure.
Despite these efforts, the regulatory body appears to be taking its time. A source quoted by Reuters indicated that the SEC is showing no immediate urgency in approving these filings. Echoing this sentiment, Bloomberg ETF analyst James Seyffart remarked, “There needs to be a back and forth with the SEC and issuers to iron out details… If anyone remembers the Bitcoin ETF launch, there were a lot of filings over the preceding couple months before launch.”
I think there needs to be a back and forth with SEC and issuers to iron out details so i doubt it. If anyone remembers the Bitcoin ETF launch there were *A LOT* of filings over the preceding couple months before launch.
— James Seyffart (@JSeyff) June 13, 2025
Indeed, the SEC’s caution is not without precedent. The journey to approve spot Bitcoin ETFs took over a decade, with the first successful approvals finally arriving in January 2024—long after Gemini founders Tyler and Cameron Winklevoss submitted their initial application in 2013.
Solana’s case is somewhat similar. VanEck was the first U.S.-based firm to propose a spot Solana ETF earlier in 2024 and was also among the last to update its filing to include staking provisions. Notably absent from this initial round of filings is BlackRock, the world’s largest asset manager. While their absence has raised questions, Seyffart suggests that BlackRock may still join the race later. “They haven’t yet. But I would not be surprised if they were to eventually do that,” he said.
They haven't yet. But I would not be surprised if they were to eventually do that. But right now it doesn't seem like they will be in the first wave (whenever these launch)
— James Seyffart (@JSeyff) June 13, 2025
Despite regulatory headwinds, market sentiment around Solana ETFs remains notably bullish. According to decentralized prediction market Polymarket, there is a 91% probability that a Solana ETF will be approved in 2025. This sentiment appears to be influencing SOL’s price, which traded at $146.40 at the time of writing—up 0.92% over the previous 24 hours, according to CoinMarketCap.
Seyffart offered a realistic timeframe for potential approvals: “Delays on spot crypto ETFs are expected… If we’re gonna see early approvals from the SEC on any of these assets, I wouldn’t expect to see them until late June or early July at the absolute earliest. More likely to be in early Q4.”
Also Read: Solana (SOL) Price Surges 17% as DeFi TVL Grows and Spot ETF Approval Odds Hit 61%
In short, while the SEC’s delays may be frustrating for some, they do not necessarily imply rejection. If anything, history suggests that patience—and proactive regulatory engagement—could eventually lead to success for Solana ETF hopefuls.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. Coin Brief is not responsible for any financial losses.
