The U.S. Securities and Exchange Commission (SEC) has once again delayed the consideration of Fidelity's application for a spot ETF based on Solana (SOL) by opening a new public comment window. This decision stalls the final decision-making process.
Delay in ETF Review Process
The SEC has postponed the review of Fidelity's Solana ETF application by opening a new public comment window. Responses must now be filed within 21 days, and rebuttals within 35 days of publication in the Federal Register.
SEC's Approach to Application Revisions
Bloomberg ETF analyst James Seyffart said this delay was largely expected. He noted that the SEC is cautious regarding altcoin-secured ETFs, citing regulatory uncertainty as a factor that has chilled broader adoption. The SEC has directed issuers to resubmit revised ETF applications by the end of July, including updated language regarding in-kind redemptions and staking.
Workarounds Among Asset Managers
Some asset managers are turning to alternative solutions as ETF authorizations have stalled. Recently, the REX-Osprey Sol + Staking ETF was launched, providing exposure to SOL-linked assets and staking yields. The ETF will not own Solana directly but aims to track its economic profile. Other altcoin ETF applications are also pending regulatory decisions.
The delay in ETF applications remains a significant topic in light of increasing regulation in the digital asset space. Asset managers are exploring alternative options for access to cryptocurrency markets while the SEC continues to develop its approach to ETF regulation.
