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

  • The SEC delays the Fidelity Solana ETF and begins a public review and comment process as regulatory guidelines evolve.

  • New SEC rules require asset managers to explain crypto ETF risks and custody models in plain language for transparency.

  • The REX-Osprey Sol + Staking ETF provides indirect exposure to Solana while direct ETF filings remain under regulatory review.

The United States Securities and Exchange Commission has postponed its decision on Fidelity’s Solana ETF filing. The delay was confirmed on July 7, 2025, following a proposed rule change submitted by Cboe BZX Exchange. The filing seeks approval to list and trade the Fidelity Solana Fund on the exchange.

The SEC has formally begun reviewing the proposal and is inviting public comments for 21 days. Rebuttals will be accepted within 35 days from the date of publication in the Federal Register. This step is part of the agency’s ongoing process to assess the structure and compliance of crypto-based exchange-traded products.

Market Analysts Expected the Delay

Analysts had anticipated the SEC’s move. Bloomberg ETF analyst James Seyffart noted the decision was not surprising. He explained that the SEC’s delay underlines the absence of a complete regulatory framework for spot crypto ETFs tied to altcoins such as Solana.

The delay follows the SEC’s recent release of formal guidance for crypto ETFs. This document outlines new standards that asset managers must follow. These include presenting clear disclosures about risks, custody methods, and specific features of crypto-based funds. The SEC has directed issuers to use plain English in all disclosures to help both investors and regulators understand the products better.

Future Approval Timeline May Improve

Besides current guidance, the SEC is working on a second document that could reduce approval timelines for future ETF filings. If implemented, it could shorten the review period from over 200 days to about 75 days. However, the Fidelity Solana ETF remains under review with no set timeline for approval.

As the review continues, other financial firms are exploring different strategies. REX Financial and Osprey Funds recently launched a new product named the REX-Osprey Sol + Staking ETF. This fund offers indirect exposure to the Solana network and its staking rewards but is not a direct Solana ETF.

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