The SEC stated it needs additional time to review Truth Social’s S-1 filing submitted in June. According to the official announcement, the Commission will announce its decision on this application by September 18, 2025. The decision could be an approval, rejection, or referral to another process. 

Truth Social’s application came after the SEC approved its first spot Bitcoin ETFs in January 2024. During this period, BlackRock’s IBIT fund rose to lead the ETF market with nearly $100 billion in assets under management. 

Second Extension for Grayscale’s Solana ETF Application

Following Truth Social, Grayscale re-entered the SEC’s focus. The Commission extended the review period for Solana Trust’s conversion to an ETF until October 10, 2025. Previously postponed twice in March and May, this marks the third delay. 

In mid-June, Grayscale and other issuers made several updates to their applications based on SEC feedback. Issues such as staking mechanisms and the same redemption model caused detailed regulatory review. 

https://twitter.com/EricBalchunas/status/1914336419314643103

Meanwhile, companies like VanEck, 21Shares, and Canary Capital also filed for spot Solana ETFs. Additionally, Rex Osprey’s SOL Staking ETF attracted attention with a $133 million target size. 

Approval Process Must Be Completed by End of 2025

Legally, the SEC must decide on all ETF applications by the end of 2025. Bloomberg ETF analyst Eric Balchunas noted on X that the SEC currently has 72 crypto ETF applications pending. These applications cover various crypto assets including Bitcoin, Solana, Litecoin, XRP, Dogecoin, and Cardano. However, the SEC’s cautious approach continues to lag behind the market’s pace.

You can freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates. 

The post SEC Delays Truth Social & Grayscale Crypto ETFs Again appeared first on Coin Engineer.

While the general consensus is that Solana won’t get an ETF approved anytime soon, one executive said a crypto fraud case that concluded in 2018 could provide clues about how the process could be reversed.

VanEck Exec Speaks About Solana ETF

Matthew Sigel, VanEck’s head of digital assets research, said the firm continues to view Solana (SOL) as a commodity like Bitcoin and Ether, a classification that Solana needs to have in the U.S. to get its own crypto ETF.

“This belief is informed by evolving legal perspectives that courts and regulators have begun to recognize certain crypto assets as securities in primary markets, but are behaving more like commodities in secondary markets,” Sigel said on the X platform on August 20.

Sigel referred to a now-dismissed six-year lawsuit filed in 2018 against a fraudulent crypto payments company called My Big Coin.

Might interest you: Solana Price Drops After SEC Announcement

The Commodity Futures Trading Commission (CFTC) filed a lawsuit in 2018 accusing the company’s founders of selling the “My Big Coin” token to customers and lying about its use and value, alleging violations of the Commodity Exchange Act.

The defendants argued in an effort to have the case dismissed because the token was not a commodity because there were no futures contracts referencing it. However, the judge rejected that argument, saying My Big Coin was a “virtual currency” like Bitcoin, drawing an analogy with natural gas.

That was enough for the CFTC to argue that MBC was a commodity, allowing the case to proceed. The founder was convicted by a federal jury in 2022 and sentenced to 100 months in prison; he was also ordered to pay $7.6 million to the victims of the fraud. “This same logic could apply to digital assets like Solana and shape the future of ETF regulation,” Sigel added. But in the short term, other ETF commentators are less optimistic.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post 2018 Fraud Case Could Be Key to Solana ETF Approval: VanEck Executive appeared first on Coin Engineer.