SEC Puts Off its Decision on a Solana ETF

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Solana has dropped 3.7% today, now trading at $176.8, following the SEC’s announcement to delay its decision on a spot exchange-traded fund (ETF) application.

This application, submitted by Grayscale for the “Grayscale Solana Trust,” has prompted the SEC to open a public consultation as the initial 90-day decision period has expired.

The deadline is now extended to October, which aligns with market expectations for a Solana-linked ETF launch but delays its potential positive impact on the token’s liquidity and demand.

According to Polymarket, there is currently an 82% chance that a Solana ETF will be approved this year. Other major cryptocurrencies, such as XRP, are also awaiting SEC approval.