#GT Emergency: The SEC has delayed its decision on the Solana exchange-traded fund.

The U.S. Securities and Exchange Commission has postponed its decision on the exchange-traded fund (ETF) applications from 21Shares and Bitwise for Solana. This delay comes amid uncertainty surrounding asset management companies' efforts to establish exchange-traded funds in the broader cryptocurrency ecosystem. According to updates from the market regulator, they "have begun the process on the applications from both companies" starting today. The exchange in the U.S. and the exchange-traded fund for Solana.
Many asset management companies have applied to issue Solana ETFs, with Bitwise submitting an application to the BZX exchange on January 28. After the U.S. SEC #GT approves the product, the first issuance is postponed to start on March 11.
21Shares is one of the first companies in the field to apply for a Solana ETF fund in the United States. Although it operates spot market trading for Bitcoin and Ethereum ETF products, the company has not yet received approval for the current Solana fund.
Within the recently launched program framework, regulators have indicated that they may reject applications, which is consistent with their current policy, as detailed in their official statement, which explains the reasons for the delays.
"The Commission has begun taking steps to allow for further analysis of the proposed rule changes' consistency with Section 6 of the law #BTC 5#XRP , which requires, among other things, that the rules of national exchanges "are designed to prevent fraud and manipulation" and "protect investors and the public interest," the regulators wrote.
It is worth noting that the SEC ( delayed the release of the Grayscale SOL ETF earlier this month, which represents an overall slowdown for most digital currency funds awaiting review. Discussions about approval or rejection remain quite controversial in the market.
While Bloomberg analysts predict a 90% approval rate for the Solana ETF, other industry leaders remain skeptical about its chances of success in the coming months.
This is a story in development, please check back for updates!!!