Exchange-traded funds (ETFs) focused on Solana might not hit the U.S. market until 2026, even if the White House adopts a more crypto-friendly stance, according to James Seyffart, an analyst with Bloomberg Intelligence. Seyffart made this prediction during a Jan. 16 interview with Blockworks.
He noted that some progress on the currently stalled Solana ETF applications could occur after President-elect Donald Trump assumes office on Jan. 20. However, the overall timeline for approval could extend into 2026, considering the U.S. Securities and Exchange Commission (SEC) typically takes between 240 and 260 days to evaluate such filings.
Adding to the complexity, the SEC’s ongoing legal actions against cryptocurrency exchanges have labeled Solana’s SOL token as an unregistered security. This classification prevents other divisions within the SEC from considering it for a commodities-based ETF, Seyffart explained.
“The SEC’s enforcement division calling Solana a security complicates the process, as it stops other parts of the agency from assessing its eligibility for an ETF structure,” he said.
Regulatory Uncertainty and Leadership Changes
President-elect Trump, who has vowed to establish the U.S. as a global hub for cryptocurrency, plans to appoint industry-friendly leaders to key financial agencies, including the SEC.
Under President Joe Biden’s administration, the SEC adopted a tough regulatory approach to crypto, initiating hundreds of enforcement actions against companies in the sector.
In early 2024, the agency approved ETFs for spot Bitcoin in January and for Ether in July. However, applications for other ETFs, including spot Solana funds, remain stalled.
“A number of Solana ETF proposals have been submitted but haven’t moved forward, effectively being denied without acknowledgment,” Seyffart said.
In 2024, asset management firms filed numerous applications for ETFs tied to altcoins like SOL, XRP, and Litecoin, as well as proposals for index ETFs designed to include multiple digital assets.
These filings, according to Seyffart, were seen as speculative bets on a Trump-led administration favoring the crypto industry. Bloomberg Intelligence ETF analyst Eric Balchunas echoed this sentiment in October, describing the filings as “call options on Trump’s victory.”
Not everyone agrees with Seyffart’s cautious outlook. In November, Matthew Sigel, head of digital asset research at VanEck, expressed confidence that a Solana ETF could be approved before the end of 2025, calling it “highly likely.”
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