The U.S. Securities and Exchange Commission (SEC) has once more postponed deciding on Franklin Templeton’s proposed spot Solana ETF, extending the review period by another 60 days.

The new deadline is set for November 14, 2025. The move underscores both the growing interest in Solana-based investment products and the scrutiny regulators are applying to them; the slowly-forming crypto regulatory framework in the US won’t be an entirely easy pass.

Franklin Templeton’s ETF Proposal

Franklin Templeton’s proposal centers on a spot Solana ETF, intended to allow investors direct exposure to SOL through a regulated fund. The listing would be under the CBOE BZX Exchange’s commodity-based trust shares rule.

That’s a particular legal framework that the SEC must find satisfactory in terms of transparency, market integrity, and trading protocols.

The Solana ETF hasn’t had an entirely smooth course so far:

• The CBOE BZX exchange filed the request to list and trade the Franklin Templeton Solana ETF on March 12, 2025; it was published in the Federal Register on March 19.
• The SEC delayed its decision in late April and again in mid-June, citing the need for more time to assess whether listing and trading requirements were sufficiently met.
• The most recent extension grants the SEC until November 14 to approve or deny the application.
• Another Solana ETF application (from Grayscale) has a decision deadline of October 10, 2025.

Market Impact & Investor Response

The announcement of the delay sparked surprising optimism in the markets. Solana jumped more than 4% in the past 24 hours, trading around $222.75, amidst speculation of a rally toward $250.

In addition, derivatives m

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Author: Bogdan Patru