The US Securities and Exchange Commission (SEC) has again postponed its decision on whether to approve a Solana (SOL) spot exchange-traded fund. The delay affects applications from Bitwise, 21Shares, VanEck, Canary Capital, and Fidelity. According to the official filings, the commission is extending the review period to allow more time to consider the proposed rule changes and gather public feedback.
This is the second time the SEC has deferred the decision on Solana-based ETFs, continuing a pattern previously seen with other crypto-related funds.
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Ongoing Regulatory Review
The SEC cited the need for additional legal and policy review as the reason for the delay. The commission has now opened another public comment period for stakeholders and individuals to submit their opinions on the proposals.
Historically, similar delays were observed with both Bitcoin and Ethereum spot ETFs before eventual approvals were granted. In each case, the SEC used the extended timeline to evaluate market surveillance concerns, custody standards, and potential risks of market manipulation.
Developments in Other Countries
While the US process remains ongoing, other countries have moved faster. In April, Canadian regulators approved a Solana ETF that includes staking. This marked the first regulated Solana-based ETF product globally and was seen as a significant step for institutional access to the token. The Canadian fund allows investors to gain exposure to Solana while also earning staking rewards.
Investors Are Confident
Despite the regulatory uncertainty in the US, Solana has shown strong market performance. As of today, SOL is trading at $167, marking a 3.5% gain in the past 24 hours and a 20% increase over the past 30 days.
Betting platform Polymarket currently places the probability of a Solana ETF approval by July 31 at 16%. However, the odds increase significantly when looking further out: the platform gives an 84% chance that an approval will occur before the end of 2025.
Next Steps and Timeline
The SEC’s next decision deadline for the Fidelity Solana ETF application is July 8, 2025. The commission may choose to approve, deny, or initiate proceedings to consider further rejection or approval at that time. Additional delays remain possible under current SEC guidelines, depending on how the public comment period progresses and internal reviews unfold.
Until a final decision is reached, the proposed ETFs from Bitwise, 21Shares, VanEck, Canary Capital, and Fidelity will remain under extended review.
Read also: Spot Crypto ETFs: Who’s Next in Line for Approval?
