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Sujha Sundararajan

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Sujha Sundararajan

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Sujha has been recognised as Women In Crypto 2024 by BeInCrypto for her leadership in crypto journalism.

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August 15, 2025

The US regulator has extended its review period for two Solana exchange-traded funds (ETFs) filings to October 16, 2025.

The SEC said that the extension allows “sufficient time to consider” Solana ETF proposals from Bitwise and 21Shares, which were originally due on August 17.

“The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider,” the Thursday filing read.

The maximum 60-day extension authority will be the final deadline for approval or denial.

Further, the agency has also delayed proposals from Canary Funds and Marinade Finance, Bloomberg ETF analyst James Seyffart noted.

“Suspect we won’t see too many more of these,” he wrote on X. “We’re expecting standard spot Solana ETFs to be approved by mid-October at the latest.”

Solana ETFs Approval Likely in October?

Despite the SEC’s delay on altcoin ETF decisions, Nate Geraci, President of The ETF Store, is optimistic that a broad array of crypto ETFs will hit markets soon.

Speaking to CNBC, he explained how regulatory tailwinds and record inflows into Bitcoin and Ether funds are driving altcoin momentum. He said that the new rules would trigger a flood of product launches in the coming months.

Andrejs Balans, Risk Manager at YouHodler, told Cryptonews that aside from Bitcoin and Ethereum, projects like Solana and Polkadot have attracted institutional interest, but are still considered experimental.

“Only a few of these are likely to survive long enough to gain serious attention from major capital allocators.”

SOL Surged Past $200, Indicates Strong Uptrend

Solana price rose to $209 on Thursday, amid soaring discussions over the potential Solana ETF launch in the US. Per CoinMarketCap, the 24-hour low and high are $195.26 and $209.67, respectively.

CoinGlass data noted massive buying in the derivatives market. Open interest (OI) has increased near its recent record of $12, which indicates that traders are positioning for the continuation of this uptrend.

Additionally, crypto liquidations in the past 24 hours have surged to $800 million, including $50 million worth of SOL long positions.

Tornado Cash co-founder Roman Storm’s lawyers have signaled that they may request a brief delay in his upcoming criminal trial if a judge allows testimony from a hacker who allegedly used the platform, according to July 10 court filings.

In a filing with the U.S. District Court for the Southern District of New York, Storm’s defense team asked to exclude the unnamed witness, arguing prosecutors disclosed the individual after the agreed deadline.

The witness is described as the perpetrator of an alleged hack who laundered funds through the Ethereum-based mixer to obscure trails.

According to the defense:

“[The testimony] would be unfairly prejudicial as it would likely confuse and mislead the jurors into believing that Mr. Storm was involved in the underlying purported hack or intended to facilitate it, which is not true.”

Storm’s attorneys argued the testimony could provoke “an angry response” from jurors, unfairly impacting their perception of the defendant. They reserved the right to seek a continuance if the court denies the motion to exclude.

Storm’s trial is set to begin on July 14, nearly two years after he was indicted on charges of money laundering, conspiracy to operate an unlicensed money transmitter, and conspiracy to violate U.S. sanctions. The judge is expected to rule on the witness motions by the end of this week.

Federal prosecutors have called several witnesses “victims” of Tornado Cash-enabled crimes. In a June post on social media, Storm said:

“SDNY is trying to crush me, blocking every expert witness. If I lose, DeFi dies with me.”

The developer has received strong support from the crypto community, including Paradigm founder Matt Huang, Ethereum co-founder Vitalik Buterin, and the Ethereum Foundation. Supporters have contributed considerably to his legal defense and argued that writing code should not be criminalized.

Alexey Pertsev, another Tornado Cash co-founder, was sentenced to over five years in prison in the Netherlands in 2024 for money laundering. Roman Semenov, also named in Storm’s indictment, remains at large, with reports suggesting he may be in hiding in Russia.

Storm’s trial is scheduled to begin with jury selection on Monday before Judge Katherine Failla.

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Matthew Sigel, the head of digital assets research at VanEck, has criticized the US Securities and Exchange Commission (SEC) over a delayed response on a proposal to list options trading on the firm’s Bitcoin Spot ETF. 

Notably, the Commission has continued to issue delayed responses to all recent digital asset-related ETF proposals/amendments despite a crypto-friendly policy of the Donald Trump Administration.

SEC Delay Is Frustrating, Offers No Feedback, VanEck’s Sigel Says

On April 3, 2025, the Chicago Board of Exchange (Cboe) filed a proposed rule change to list options trading on the VanEck Bitcoin ETF (HODL). For context, options trading grants investors the right to buy and sell an asset at a specific price before a certain date.

Following the resounding success of the US Bitcoin Spot ETFs, options trading became a potential mode of market expansion, with several asset managers submitting applications to offer options to their respective ETFs. 

Notably, the SEC has granted approval for this request for multiple Bitcoin ETFs, including the Fidelity Wise Origin Bitcoin Fund (FBTC), BlackRock iShares Bitcoin Trust (IBIT), Grayscale Bitcoin Mini Trust (BTC), and the Bitwise Bitcoin ETF (BITB), among others. 

However, following the initial 45-day review, the Commission has delayed a response on Cboe’s proposal to list trading options on the VanEck Bitcoin ETF (HODL). In an X post on May 23, Matthew Sigel strongly criticized this decision, which he described as “frustrating” and offered no transparency to investors. 

While tagging Hester Pierce, the Head of the SEC’s Crypto Task Force, Sigel complained that the Commission had issued a delayed response while offering no comments or feedback along with this decision. The VanEck Exec explained the asset manager’s objection to this development while responding to a user comment. He said. 

This was the first decision date, so it has not been rejected, just delayed, even though the SEC’s initial comments were addressed. It’s the lack of any feedback that is particularly irksome…

It is highly worth noting that delayed responses by the SEC have been quite a common response for digital assets ETF-related proposals. The Commission can choose to wait till the final decision deadline, i.e., 240 days after the application, as seen with the Bitcoin Spot ETFs in 2024.  However, Sigel’s concerns stem from an absence of an explanation on this delayed ruling, especially considering that options trading has been approved for certain other Bitcoin Spot ETFs.

Bitcoin Price Overview 

At the time of writing, Bitcoin trades at $108,349, reflecting gains of 5.23% and 17.71% in the past seven and 30 days, respectively. 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

Bitcoin climbed 5.6% to $81,636 within an hour of the announcement, reflecting broader market optimism.

In his post, Trump said tariffs on Chinese imports would rise to 125% immediately, claiming China had failed to respect global market rules.

“China has been taking advantage of the United States and other nations for too long,” Trump wrote. “The days of ripping off the U.S.A. are over.”

90-Day Pause on New Tariffs for Other Countries, Says Trump

Alongside the China tariffs hike, Trump announced a 90-day delay for other countries, noting that over 75 nations were in discussions with U.S. officials about trade concerns such as currency policies and non-monetary barriers.

During the 90-day window, Trump authorized a temporary reciprocal tariff of 10% for participating countries.

Markets Rally After China Tariffs Announcement

U.S. markets rallied on the news. The S&P 500 gained over 5.5%, while the Nasdaq rose more than 8%.

It is not yet clear whether any countries other than China will face tariffs above 10% once the 90-day delay ends.

Trump’s message did not offer further specifics, though it implied that countries willing to negotiate could avoid harsher penalties.

The move appeared designed to pressure Beijing while keeping trade discussions open with other partners.

With markets responding positively for now, attention turns to China’s reaction and whether the 90-day window leads to progress.

Frequently Asked Questions (FAQs)

The post Trump Hikes China Tariffs to 125%, Grants 90-Day Delay for Other Nations appeared first on Cryptonews.

Lawyers for former Celsius Network CEO Alex Mashinsky have asked a federal judge to postpone his sentencing by one month, citing the complexities of the case and the volume of material requiring review, according to a Feb. 5 court filing.

Mashinsky, who pleaded guilty in his fraud case, is scheduled to be sentenced on April 8, but his defense team is seeking to push that date to May 8 to allow additional time for preparation.

His attorneys argue that reviewing the extensive presentence investigation report (PSR), more than 170 victim impact statements and his legal obligations in the Celsius bankruptcy case require additional time.

According to the filing:

“The defense respectfully requests a one-month adjournment of Mr. Mashinsky’s sentencing to ensure that it has sufficient time to prepare a sentencing submission that accurately presents Mr. Mashinsky’s views on his offense conduct.”

One-week extension

Mashinsky is also responding to a 180-page complaint in an adversary proceeding related to the Celsius bankruptcy, which his attorneys claim is stretching his ability to prepare for sentencing.

The defense said that the government agreed to lift a stay on that litigation despite their request for it to remain in place until after sentencing.

The prosecution has agreed to a one-week extension for objections to the PSR and its final disclosure but opposes delaying the sentencing date on the basis that Mashinsky’s request is premature and that victims of the case deserve finality.

The case, United States v. Mashinsky, involves allegations that the former Celsius CEO misled investors and defrauded customers before the company collapsed. Mashinsky could face a significant prison term.

Judge John G. Koeltl has yet to rule on the request.

Celsius legal saga

Mashinsky was arrested in July 2023 and charged with multiple counts of securities fraud, commodities fraud, and wire fraud in connection with Celsius Network. He pleaded guilty to two of the charges and agreed to a sentencing guideline of up to 30 years in prison on Dec. 3, 2024.

Founded in 2017, Celsius marketed itself as a high-yield crypto lending platform that allowed users to earn interest on deposited digital assets, sometimes promising returns as high as 17%. At its peak, the company claimed to have billions in assets under management and millions of users.

However, the firm faced growing scrutiny after the 2022 crypto market downturn exposed liquidity issues. Celsius halted customer withdrawals in June 2022 and filed for Chapter 11 bankruptcy the following month, leaving thousands of customers unable to access their funds.

Prosecutors alleged that Mashinsky falsely portrayed Celsius as a safe and profitable alternative to traditional banks while concealing the company’s financial struggles. They accused him of misusing customer funds to prop up the company’s failing balance sheet and cashing out millions for himself before the collapse.

The US Securities and Exchange Commission, the Commodity Futures Trading Commission, and the Federal Trade Commission also filed parallel civil charges against him.

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