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SEC Delays Grayscale Solana ETF Decision, Extends Review

Coin WorldTuesday, May 13, 2025 5:17 pm ET

1min read

The US Securities and Exchange Commission (SEC) has taken significant actions regarding several cryptocurrency-related exchange-traded funds (ETFs). The SEC delayed its decision on Grayscale’s Solana ETF, extending its review to evaluate whether the listing meets investor protection standards and market integrity requirements. If approved, the trust would hold SOL and trade on NYSE Arca.

Additionally, the SEC delayed a decision on the Grayscale Litecoin Trust, instituting proceedings to further assess whether the listing aligns with requirements under the Securities Exchange Act. Both Solana and Litecoin filings now face extended timelines as the agency continues its review.

In other developments, Nasdaq’s filing to amend BlackRock’s iShares Bitcoin Trust is now open for public comment. The proposed change would allow the fund to support in-kind redemptions, meaning authorized participants could create or redeem shares using Bitcoin directly rather than cash. The SEC initially approved the fund in January with a cash-only redemption mechanism.

The 21Shares Dogecoin ETF has also entered its public comment phase following a filing to list under Nasdaq Rule 5711(d), which covers commodity-based trust shares. This move opens the door for public input on the proposed ETF, which aims to provide investors with exposure to Dogecoin.

These actions by the SEC highlight the regulatory body's cautious approach to cryptocurrency ETFs, ensuring that any new listings meet stringent standards for investor protection and market integrity. The public comment periods for the BlackRock and 21Shares proposals will allow stakeholders to voice their opinions and concerns, potentially influencing the final decisions on these ETFs.

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