Fidelity’s Solana ETF Faces Delay as SEC Opens Public Comment Period

The United States Securities and Exchange Commission (SEC) has delayed the decision on the Fidelity Solana ETF filing, initiating a public review and comment process due to evolving regulatory guidelines. This delay, confirmed on July 7, 2025, follows a proposed rule change submitted by Cboe BZX Exchange seeking approval to list and trade the Fidelity Solana Fund. The SEC has commenced the evaluation and is inviting public comments for 21 days, with responses accepted within 35 days from the Federal Register publication.

Market Analysts Predicted the Delay

Anticipated by analysts, including Bloomberg ETF analyst James Seyffart, the delay underscores the absence of a comprehensive regulatory framework for spot crypto ETFs like Solana. The recent formal guidance from the SEC outlines new requirements for asset managers, emphasizing clear disclosures on risks, custody practices, and fund specifics in plain language for enhanced transparency.

Efforts to Streamline Approval Processes

Aside from the current guidance, the SEC is developing a second document aimed at potentially reducing approval timelines for future ETF filings, from over 200 days to approximately 75 days if implemented. While the Fidelity Solana ETF remains under review without a defined approval timeline, other financial institutions are exploring alternative approaches.

REX Financial and Osprey Funds have introduced the REX-Osprey Sol + Staking ETF, offering indirect exposure to the Solana network and its staking rewards, albeit not a direct Solana ETF. This development comes amidst increasing interest and regulatory scrutiny in the crypto ETF space.

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