The U.S. Securities and Exchange Commission (SEC) has delayed the decision on Fidelity's exchange-traded fund (ETF) for Solana, requiring further revisions and providing opportunities for public commentary.
Delay in ETF Review
On July 7, the SEC requested potential Solana ETF issuers to submit updated filings by the end of July. This decision extends the review process, and it is expected by analysts following the delay that a final decision will be made by October 10.
Technical Requirements and Regulatory Engagement
The SEC is closely examining applications for Solana ETFs, requiring issuers to provide detailed operational information. Bloomberg’s ETF analyst James Seyffart noted that the delay in Fidelity’s application was anticipated and predicts approval for Solana, XRP, and Dogecoin ETFs later this year.
State of Solana's Network and Capital Strength
Despite ongoing regulatory uncertainties, Solana is showing strong on-chain activity and gaining investor interest. More than 14.6 million active addresses were recorded in a single day, indicating high user engagement. Solana attracted $8.3 billion in capital within a week, outpacing Ethereum.
The approval process for the Solana ETF remains a focal point for investors and analysts. The anticipated SEC decision may significantly impact future developments in the U.S. cryptocurrency sector.
