SEC Extends Review for Bitwise Fund, Crypto ETFs Stalled

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Why Waiting for Crypto ETFs is the New Olympic Sport! 🥇

  • SEC delays Bitwise Solana ETF decision, extending review period. 
  • XRP, SOL, ADA ETF approvals postponed until late 2025. 
  • Regulatory scrutiny focuses on investor protection and market risks.

Ah, the SEC, that illustrious body of bureaucratic brilliance, has decided to postpone its decision on the Bitwise spot Solana (SOL) exchange-traded fund (ETF). Apparently, they need a bit more time to ponder the mysteries of the universe—or at least the mysteries of whether this ETF can actually exist without spontaneously combusting. According to a filing released on May 29, 2025 (yes, you read that right, 2025), the decision-making process has been pushed back to a date that is, quite frankly, as elusive as a cat in a room full of rocking chairs.

The Securities and Exchange Commission (SEC) has declared that it requires further time to investigate whether this ETF adheres to the regulations established by the sacred scrolls of securities laws. They are currently examining if the fund’s structure complies with the rules for safeguarding investors and preserving the integrity of the market. Because, you know, we wouldn’t want anyone to accidentally make money in this wild west of digital currencies.

As the SEC continues its deep dive into the murky waters of cryptocurrency-based financial products, Bitwise finds itself in a perpetual state of limbo, waiting for the official word from the agency on a final approval date. It’s like waiting for a bus that’s perpetually late—except this bus is a digital asset and it might just take you to the moon (or not).

Delayed launches are happening for XRP, SOL and ADA ETFs too.

The SEC’s meticulous method applies to other ETFs as well. Contracts for spot ETFs connected to XRP, Solana (SOL), and Cardano (ADA) from 21Shares, VanEck, and Canary Capital are currently on hold. The agency has delayed making decisions on these proposals, which now have deadlines stretching as far away as late 2025. At this rate, we might as well start planning for the next intergalactic conference on cryptocurrency.

The reason for this snail-paced progress? Concerns about volatility, limited liquidity, and the strict regulations that seem to be more tangled than a cat’s cradle. The SEC is pondering whether these digital assets are suitable for ETFs, scrutinizing their vulnerability to price manipulation and the way they are stored by ETFs. The Nasdaq filing also emphasizes the need to evaluate how Solana is traded to confirm it is safe for investors. Because who wouldn’t want to invest in something that might be as stable as a house of cards in a windstorm?

After the recent amendments, many investors mistakenly believed that the regulations would speed up approvals. However, the SEC’s systematic procedure appears to be designed to handle the dangers associated with crypto-based financial products, like a cautious parent watching their child play with matches. To clarify these matters, the agency is requesting further information from issuers, which is causing the review to be delayed even further. It’s like asking for a second opinion on whether the sky is blue.

If, by some miracle, the Bitwise Solana ETF is approved, it will allow investors to access SOL without having to hold it personally. Just like with Bitcoin ETFs, XRP and ADA ETFs are designed to make investing in these cryptocurrencies safe and regulated. The delays have left market participants feeling like they’re stuck in a never-ending episode of a reality show where the prize is digital assets becoming mainstream. Spoiler alert: it’s still not happening anytime soon!

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2025-05-30 05:41