The U.S. Securities and Exchange Commission has postponed decisions on multiple Solana (SOL) exchange-traded fund applications until October 16, 2025. The delay impacts proposals from Bitwise, 21Shares, Canary Capital, and Marinade Finance, with the SEC citing additional regulatory review needs and market assessment requirements in formal filings.
Immediately following the announcement, Solana's price plunged from $210 to $190, triggering approximately $70 million in long-position liquidations within 24 hours. The SEC stated: "The Commission finds it appropriate to designate a longer period... to have sufficient time to consider the proposed rule change and issues raised therein."
ETF analyst James Seyffart confirmed the delays, noting the SEC's historical pattern of maximizing review timelines. Speculation surrounds the postponement, including potential obstruction by anti-crypto SEC Commissioner Caroline Crenshaw and institutional caution toward novel crypto products. This follows a previous incident where the SEC briefly approved a Solana-inclusive basket ETF before issuing a stay order the next day.
Historically, similar delays for Bitcoin and Ethereum ETFs caused temporary volatility before eventual stabilization. Market sentiment remains uncertain as Solana faces extended regulatory uncertainty until the October deadline.