Fidelity’s plan to launch a Solana-based exchange-traded fund (ETF) has encountered another setback, with the U.S. Securities and Exchange Commission (SEC) announcing a renewed delay on July 7, 2025.
The SEC has initiated a formal public comment period, requesting feedback on Fidelity’s ETF proposal filed through the Cboe BZX Exchange. This process includes a 21-day window for public comments and 35 days for rebuttals following publication in the Federal Register, effectively stalling any immediate decision.
🚨JUST IN: @SECGov has delayed the @Fidelity Spot Solana ETF. pic.twitter.com/4BZa1hPHHR
— SolanaFloor (@SolanaFloor) July 7, 2025
This delay highlights the ongoing regulatory challenges that altcoin ETFs face in the U.S., as the SEC remains cautious about approving spot crypto ETFs beyond Bitcoin and Ethereum. Bloomberg ETF analyst James Seyffart described the postponement as expected, pointing to ongoing regulatory uncertainty that continues to slow the adoption of altcoin-focused funds.
The timing of the delay coincides with the SEC’s recent release of its first official guidance on cryptocurrency ETFs. This guidance mandates clearer disclosures from asset managers regarding risk factors and fund structures, aiming to improve investor protection and streamline future applications. However, this new framework has yet to clear the path for Solana ETFs specifically.
In parallel, the SEC is developing a rule change that could reduce ETF approval timelines from over 200 days to approximately 75 days, a move that could accelerate the entry of crypto ETFs into the market once implemented. Despite this potential improvement, Solana ETF applications remain in regulatory limbo alongside other altcoin and meme coin proposals.
Meanwhile, some asset managers are developing alternative products to avoid regulatory delays, such as the REX-Osprey Sol + Staking ETF, which offers indirect exposure to Solana’s ecosystem and staking rewards without direct cryptocurrency ownership. This movement aligns with increasing investor interest in Solana-related investments amid SEC oversight.
Notably, Asset management giants Invesco and Galaxy entered the growing competition to launch a spot Solana exchange-traded fund (ETF), submitting a formal application to the U.S. Securities and Exchange Commission (SEC) on Wednesday, June 25.
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