The U.S. Securities and Exchange Commission (SEC) has once again hit the brakes on crypto ETF progress—this time delaying a decision on a proposed spot Solana (SOL) exchange-traded fund. While this isn’t a surprise to seasoned crypto watchers, it’s stirring up fresh anticipation as deadlines for ETFs tied to Polkadot (DOT), XRP, and even Dogecoin (DOGE) draw closer in June.
According to a filing dated May 13, the SEC postponed its verdict on Grayscale’s spot Solana Trust ETF, which is slated for listing on the New York Stock Exchange. The next review milestone won’t arrive until October 2025—effectively kicking the can several months down the road.
This delay came on the heels of another deferral: just a week prior, the regulator also postponed a decision on Canary Capital’s Litecoin (LTC) ETF proposal. These back-to-back delays suggest that the SEC remains cautious when it comes to greenlighting crypto-backed investment products outside of Bitcoin and Ether.
Why Spot ETFs Matter
Spot ETFs, which track the actual price of a cryptocurrency rather than futures contracts, are widely viewed as critical gateways for mainstream and institutional investors. The launch of spot Bitcoin ETFs earlier this year led to a surge in capital inflows and played a major role in pushing BTC back above the $50,000 mark in February 2024.
So while a Solana ETF might not command the same dollar volumes as Bitcoin’s, it could still open the door to more institutional money entering the Solana ecosystem. Analysts argue that providing a regulated vehicle for exposure could elevate the token’s credibility and long-term growth potential.
“Even if the Solana ETF only attracts a fraction of what Bitcoin did, it would still be a huge step forward for SOL’s institutional adoption,” said Ryan Lee, chief analyst at Bitget Research. “You’re giving investors who can’t—or won’t—touch crypto wallets a more traditional way in.”
The Market Remains Optimistic
Despite the SEC’s slow pace, crypto investors haven’t lost hope. In fact, they’re overwhelmingly betting on approvals in 2025. On Polymarket, a decentralized prediction platform, traders currently put the odds of a Solana ETF getting approved by year-end 2025 at a confident 82%. For Litecoin, the approval odds are almost neck-and-neck at 80%.
These high probabilities suggest that market participants believe regulatory acceptance of altcoin ETFs is more a matter of “when” than “if.”
June: A Crucial Month for Polkadot, XRP, and DOGE
The next big wave of ETF rulings will hit in June. The SEC is scheduled to make key decisions on Grayscale’s Polkadot ETF by June 11, and 21Shares’ separate Polkadot application by June 24. Meanwhile, June 17 is the key date for the SEC to weigh in on two more high-profile filings: Franklin Templeton’s XRP ETF and Bitwise’s Dogecoin ETF.
Still, it’s important to temper expectations. The SEC has a habit of using the full 240-day window for crypto-related applications—a tactic already seen during the lengthy Bitcoin and Ether ETF deliberations in 2023 and 2024. So it wouldn’t be shocking if these deadlines come and go without final decisions.
A Sign of Progress or Just More Delay?
While the repeated delays can feel like a regulatory treadmill, many in the industry see it as part of a broader evolution. The fact that ETFs for multiple altcoins are even on the SEC’s desk is itself a sign of how far crypto has come.
If Bitcoin’s ETF journey was any indication, the eventual approval of altcoin ETFs could trigger new institutional momentum across the board. Until then, the industry watches and waits—alert to both regulatory signals and shifting investor sentiment.
