The U.S. Securities and Exchange Commission (SEC) has delayed its decision on several Solana-based exchange-traded fund (ETF) applications submitted by major players such as 21Shares, Bitwise, VanEck, and Canary Capital. The delay stems from a need for additional time to assess potential risks like market manipulation and investor protection concerns in the context of this unique digital asset space. The SEC is particularly hesitant about classifying Solana’s SOL token as either a security or a commodity, with both 21Shares and VanEck seeking a commodity designation on their filings. This classification has significant regulatory implications that will dictate how the ETF process unfolds. The delay adds uncertainty to the already volatile crypto landscape.