As President-elect Donald Trump prepares to take office, the crypto industry is abuzz with optimism about the potential for groundbreaking policy changes under the new administration.
With Trump widely considered the most openly pro-crypto president in U.S. history, many expect a regulatory environment that encourages cooperation rather than enforcement.
One of the most hotly debated questions is whether the new administration will make it easier to approve spot exchange-traded funds (ETFs) tracking Solana (SOL).
Solana received significant attention in November after the U.S. Securities and Exchange Commission (SEC) hinted that it would look into S-1 ETF filings. But under its current leadership, the SEC has rejected filings from leading issuers including VanEck, 21Shares, Bitwise, WisdomTree and Canary Capital. “The SEC essentially refused to accept the latest Solana ETF filings,” according to Bloomberg analyst James Seyffart.
Although applicants have filed the necessary 19b-4 forms to propose rule changes, sources claim the SEC has requested that all applications be withdrawn. These forms were critical to the approval of spot Bitcoin and Ethereum ETFs last year, supporting market optimism.
With the SEC leadership changing under Trump, analysts and industry leaders are cautiously optimistic. ETF Store President Nate Geraci suggested that Solana ETFs could receive approval by the end of 2025.
However, regulatory timelines are quite strict. “The earliest approval is probably 240 days after new applications are filed,” said a senior executive at a company planning to issue the Solana ETF. “I would be very surprised if it’s earlier.” The executive noted that 240 days represents the statutory deadline for SEC responses after applications are filed.
Steven McClurg, chief investment officer at Canary Capital, noted potential delays due to leadership transitions. “The optimistic estimate is by the end of 2025. It’s possible, but it’s very optimistic,” he said. “Crypto is not a top priority for the SEC, it’s a top priority for us, but not for them,” he added.
Similarly, Vivian Fang, a finance professor at Indiana University, noted that while Trump’s administration has become more crypto-friendly, regulatory changes take time. “Even with a new SEC chair, many of the staff in the Division of Trading and Markets remain the same,” she said, cautioning against expecting immediate transformation.
*This is not investment advice.
