SEC Postpones Fidelity’s Solana ETF Verdict – Public Input Now Open

The SEC hits pause on Fidelity's Solana ETF proposal—kicking the can down the regulatory road yet again. Here's what it means for crypto's institutional future.

Public comments invited: The SEC wants your two cents (or crypto takes) before making a call. Expect heated debates between 'innovation' and 'investor protection' rhetoric.

Solana's institutional limbo continues. While ETH ETFs got the nod, SOL remains in regulatory purgatory—because nothing says 'financial progress' like arbitrary asset classification.

Bonus jab: Wall Street still can't decide if crypto is a scam or their next revenue stream—so they'll study it to death while trading the volatility.

TLDR

• The SEC has delayed its decision on the proposed Solana ETF from Fidelity.
• The agency has opened a new comment period for public responses and rebuttals.
• Fidelity filed the Solana ETF proposal through the Cboe BZX Exchange.
• The SEC is now conducting a formal review to determine approval or rejection.
• New guidance from the SEC requires asset managers to explain crypto ETF risks and structure in simple language.

The U.S. Securities and Exchange Commission (SEC) has delayed its decision on the proposed solana ETF from Fidelity. The proposal, filed by Cboe BZX Exchange, awaits approval or rejection after an extended review period. The SEC published the update on July 7, 2025, and initiated a fresh comment period for the application.

Industry experts anticipated the delay, given the agency’s slow pace on altcoin ETF decisions. The SEC continues to review the broader framework governing digital asset-based exchange-traded products. As a result, applications like the SOL ETF remain in regulatory limbo until clarity emerges.

The proposal now enters a formal review stage that includes a 21-day public comment window. Interested parties may also submit rebuttals within 35 days of publication in the Federal Register. The Solana ETF will remain on hold while the SEC collects and examines market feedback.

New Guidance Raises Bar for Solana ETF Approval

The SEC’s recent guidance on crypto-based ETFs has set new requirements for product transparency and disclosure. Asset managers must now explain product risk, custody arrangements, and market uniqueness in plain English. This policy impacts the SOL ETF and every similar application currently under review.

The guidance represents a strategic shift under the SEC’s new Republican leadership, which aims to standardize ETF evaluation. The rules demand that applicants define how a Solana ETF operates differently from traditional funds. These additions are now key to moving such applications forward.

By outlining clearer expectations, the SEC hopes to reduce uncertainty in future crypto ETF filings. However, until the rules fully materialize, applicants for products like the SOL ETF face extended wait times. Fidelity’s proposal now hinges on how it aligns with these regulatory standards.

Alternative Offerings Emerge While Solana ETF Waits

While the Solana ETF faces delays, new products are emerging with indirect exposure to the Solana network. REX Financial and Osprey Funds recently introduced a staking-based ETF tied to Solana-related rewards. Though not a direct SOL ETF, it offers alternative market access to Solana-based assets.

These offerings highlight the growing interest in Solana-focused investment vehicles despite the lack of formal ETF approval. Dozens of other filings, including those for XRP and meme coins, also remain pending. The SEC is drafting a second update to shorten future ETF review timelines.