The SEC has postponed the approval of the Solana ETF, with encryption regulation showing a "tightening and loosening" trend.

The U.S. Securities and Exchange Commission has delayed its decision on the Solana ETF for two months, but at the same time, the GENIUS Act provides the first federal regulatory support for encryption ETFs. This seemingly contradictory regulatory signal actually reflects the U.S. government's fine balancing act.
The SEC's caution is justified. The Solana network has experienced several significant failures over the past few years, including network outages and performance issues. While the technology is improving, stability remains a concern. Compared to the maturity of Bitcoin and Ethereum, Solana still needs more time to prove itself. The level of decentralization is also an issue; Solana's validators are relatively centralized, which may affect the network's resistance to censorship.

This "tightening and loosening" regulatory strategy is actually very clever. It allows mature projects like Bitcoin and Ethereum while carefully scrutinizing new projects like Solana, which both protects investors and does not stifle innovation. With the improvement of the regulatory framework, it is expected that more digital assets will be approved. For investors, the clarification of regulations is the biggest boon, as it eliminates the greatest uncertainty.