The U.S. Securities and Exchange Commission (SEC) has delayed the approval of a spot exchange-traded fund (ETF) for Solana (SOL) that was proposed by Boston-based mutual fund giant Fidelity.
Fidelity officially filed its S‑1 registration statement with the agency for a spot-based Solana ETF on June 13, joining a long list of other hopefuls such as VanEck and Bitwise.
The most recent delay was expected, according to Bloomberg.
Recently, REX‑Osprey successfully rolled out a staking-enabled Solana ETF via an unorthodox structure that sidesteps the usual approval process for spot ETFs.
There was some controversy about whether or not it could actually count as a spot-based product, with Polymarket eventually weighing in on the matter.
As reported by U.Today, spot Solana ETFs are likely to be approved before other altcoin-based offerings based on a recent report by Reuters.
However, this might not happen until fall since the agency is working on its new guidance that aims to streamline the process of approving new ETF products.
Vladislav Sopov
U.Today Editorial Team