Why Solana ETF Approval May Be Further Away Than Expected

The launch of Solana (SOL) exchange-traded funds (ETFs) in the United States may face significant delays, potentially extending into 2026, despite a more crypto-friendly political climate under President-elect Donald Trump.

Bloomberg analyst James Seyffart explained that lengthy regulatory reviews and unresolved legal challenges are key obstacles.

Seyffart noted that the SEC’s ongoing lawsuits against cryptocurrency exchanges, alleging that Solana qualifies as an unregistered security, complicate ETF approval. This classification prevents the SEC from evaluating Solana for a commodities-based ETF. Even with a more supportive administration, the SEC’s typical 240–260-day review period could push timelines further.

Trump has pledged to prioritize cryptocurrency innovation, contrasting with the Biden administration’s aggressive enforcement actions against the industry. In 2024, the SEC approved Bitcoin and Ethereum spot ETFs but stalled on applications for altcoin-focused funds, including Solana. Many proposals were effectively dismissed without acknowledgment.

Despite regulatory setbacks, some industry experts remain hopeful. Matthew Sigel of VanEck expressed confidence that a Solana ETF could be listed in the U.S. by late 2025. Others view the wave of altcoin ETF filings as speculative bets on a more favorable regulatory environment under Trump’s leadership.

The future of Solana ETFs highlights the challenges in navigating the evolving regulatory landscape. While optimism exists, unresolved legal and procedural hurdles suggest that significant progress may take time.