SEC Sets July Deadline, Requires Solana ETF Applicant to Resubmit Filing

BlockBeats News, July 7th, according to sources familiar with the matter, although the initial deadline for approval of the Spot Solana Exchange-Traded Fund (ETF) is October 10th, the U.S. Securities and Exchange Commission (SEC) is under pressure to ensure a smooth approval process.

The SEC has requested the issuer to amend and resubmit the Spot Solana ETF application by the end of July, suggesting that the approval speed may be faster than expected. This move follows the automatic approval of the REX-Osprey SOL and Staking ETF, which began trading last week and received automatic approval under the 1940 Investment Company Act, which the SEC could not stop.

A source familiar with the matter stated: "The SEC is under pressure to expedite the approval process, rather than wait until the October deadline, especially considering the approval of REX Shares products last week." This reflects that the SEC may be adjusting its strategy to avoid any single product gaining undue first-mover advantage.