Pending lawsuits over Solana’s security status may delay Solana ETFs until next year.
James Seyffart, a Bloomberg Intelligence analyst, stated on January 16 that Solana exchange-traded funds (ETFs) may not be introduced in the United States until 2026, even though the White House is crypto-friendly.
During an interview with Blockworks, Seyffart stated that issuers may observe progress on their Solana ETFs filings that have been pending since President-elect Donald Trump assumed office on January 20.
Nevertheless, Seyffart stated that the timeline could be extended into 2026 as a result of the SEC’s historical practice of reviewing filings within 240–260 days.
“The review process is further complicated by the ongoing lawsuits filed by the US Securities and Exchange Commission against cryptocurrency exchanges, which allege that SOL is an unregistered security,” he stated.
“The SEC’s Division of Enforcement is classifying Solana as a security, which precludes other SEC divisions from analyzing it as a commodities ETF wrapper,” Seyffart stated.

Adapting Regulatory Landscape
Trump, who has pledged to transform the United States into the “world’s crypto capital,” intends to appoint industry-friendly leaders to serve as the heads of critical financial regulators, such as the Securities and Exchange Commission (SEC).
Hundreds of actions against industry firms have been taken by the SEC under President Joe Biden, who has taken aggressive regulatory stances toward crypto.
In January and July of 2024, the agency permitted issuers to list spot Bitcoin and Ether ETFs.
Nevertheless, other ETF applications, such as several proposed spot SOL ETFs, are currently inactive.
Seyffart stated that the SEC did not acknowledge a significant number of Solana ETF filings, which were effectively denied flatly.
Asset managers submitted a flurry of regulatory filings in 2024 to designate ETFs that held altcoins, such as Solana ETFs, XRP, and Litecoin, among others.
The approval of numerous crypto index ETFs, which are intended to contain a variety of digital tokens, is also awaited by issuers.
Eric Balchunas, an ETF analyst at Bloomberg Intelligence, stated in October that these filings were essentially “call options on a Trump victory” in the US presidential race.
Seyffart’s perspective is not universally accepted. Matthew Sigel, VanEck’s chief of digital asset research, stated in November that the likelihood of an Solana ETFs listing in the United States before the end of 2025 is “overwhelmingly high.”