The U.S. Securities and Exchange Commission (SEC) has once again delayed the progress of a spot Solana (SOL) ETF by Fidelity. The regulator has opened a new public comment window, which stalls decision-making. The latest revision mandates that responses be filed within 21 days and rebuttals within 35 days of publication in the Federal Register of the filing.
The companies also had S-1 registrations with Fidelity, placing it with a Solana ETF on June 13, followed by 21Shares, Bitwise, and Canary. The SEC review process has now officially reached a critical evaluation phase, with the agency seeking comments on matters touching on the products’ structure, market integrity, and investor protection systems.
Bloomberg ETF analyst James Seyffart said this was a largely expected delay. More recently, he cited the gradual manner in which the SEC has treated altcoin-secured or tied ETFs, citing regulatory uncertainty as a factor that has chilled broader adoption.
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. pic.twitter.com/8m2DSdHJYV
— James Seyffart (@JSeyff) July 7, 2025
Push for revised applications hints at progress
Even after the most recent hold, the SEC seems to be gearing up toward reviewing more formally. The agency has directed the issuers to revise and refile the Solana ETF applications no later than the end of July. The revisions will also need to contain more current language related to in-kind redemption and staking, which will align with the SEC, which changed its guidance.
The demand for amended filings is an indication of a more proactive regulatory approach to altcoin ETFs. According to sources, the SEC plans to rush through at least one SOL-based product before its October 10 deadline to issue a final ruling. There is some internal speculation that reviews will be completed long before that date. In June, the SEC released its initial official guidance regarding exchange-traded products that track digital assets.
In parallel, there is a second regulatory document under development. It would potentially cut the ETF listing process timeline in half, bringing down the average timeframe of 200 days to approximately 75. In case of adoption, the change will represent a significant step that will be hailed by crypto ETF applicants, aiming to enter the market faster.
Firms turn to workarounds amid delays
Some asset managers are diverting to different alternatives as spot ETF authorizations have stalled. Recently, the REX-Osprey Sol + Staking ETF was launched between REX Financial and Osprey Funds. Although not a direct Solana ETF, the product provides exposure to SOL-linked assets and staking-related yields.
The ETF shall not directly own Solana, but aims to track its economic profile by applying structured exposure to assets of the Solana ecosystem. Despite their lack of SEC regulation, this launch underscores the growing demand for Solana-related offerings. Other altcoin ETFs, such as those connected to XRP and meme-based tokens, have also been filed, but regulatory decision-making is still pending.
