The U.S. Securities and Exchange Commission (SEC) has delayed approving a proposal to list the Grayscale Solana Trust as a commodity-based trust, signaling a more thorough review of the application’s merits. SEC Assistant Secretary Sherry Haywood highlighted that this delay does not reflect judgment on the proposal’s potential value but rather an opportunity for a deeper analysis of legal and policy issues involved. The SEC has called for public comment on the matter within 21 days and will seek rebuttals from stakeholders within another 35 days. This development coincides with increased institutional investment in Solana. Recent weeks have witnessed significant buying activity by large players, reflecting growing confidence in the asset despite regulatory uncertainty.