SEC delays Solana ETF moves from Fidelity and other firms, launching a new comment window and requesting revised filings. Updated rules and corresponding resubmissions may also be expected from other major players such as 21Shares, Grayscale, VanEck, Bitwise, and Canary.
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Next Big Thing – Solana ETF Still Waiting for Its Moment
We’re now seeing the SEC halt the review process for the spot Solana ETF application submitted by Fidelity. The decision follows the opening of an additional public comment window, during which the regulator is seeking feedback on the product’s structure, its impact on market integrity, and investor protection mechanisms. The comment window allows 21 days for initial responses from the date of publication in the Federal Register, and 35 days for replies. No final decision will be made during this period.
However, this isn’t just about Fidelity – other major investment firms are also involved. Specifically, the SEC has issued a directive to all ETF applicants to update their filings by the end of July, requiring changes related to staking mechanics and in-kind redemption processes. As a result, all firms that previously submitted similar Solana ETF applications – including 21Shares, Grayscale, VanEck, Bitwise, and Canary – are now resubmitting.
Wondering what crypto ETFs are or why their approval reshapes the investment landscape? Find out in our expert breakdown Cryptocurrency ETFs Explained!
It’s also worth noting that, despite all the anticipation around Solana ETFs, many weren’t surprised by the delay. Bloomberg analyst James Seyffart commented:
“MORE delays. @Fidelity’s Solana ETF filing was just delayed as expected. We’re still waiting for some sort of movement from the SEC on a generalized digital asset ETP framework.”
What Those Delays Could Hint At?
Is this good or bad news? Delays in approving a widely anticipated investment product, such as the Solana ETF, are certainly unwelcome. On the other hand, the SEC’s request for updates to staking and redemption methods suggests that mechanisms like staking aren’t being ruled out by default and appear to remain under active review. The deadline to finalize revisions by the end of July suggests that, if approvals are granted, we may see an entirely new class of crypto investment products launch as early as this fall.
Still, actual timelines will depend entirely on how complete and timely the resubmissions are. We’ll be watching closely – stay with us for the latest updates and opportunities across crypto, blockchain, and DeFi.
