On January 28, 2025, Cboe BZX Exchange, Inc. submitted a proposed rule change to the Securities and Exchange Commission (SEC) to list and trade shares of the Bitwise Solana ETF. The SEC announced that it needs more time to evaluate this proposal and has extended the deadline for its decision from April 4, 2025, to May 19, 2025. This extension aims to give the SEC enough time to consider the proposal and any issues it presents. The proposed rule change was initially published for public comment on February 18, 2025.
Simple Explanation
The Securities and Exchange Commission (SEC) is taking more time to decide if a new fund that uses Solana, a type of digital money, can be bought and sold on a certain stock market. They need extra time to make sure they understand everything about it, so their decision will come later than planned.