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

On July 7th, as per sources with knowledge of the matter, although the original deadline for the approval of the Spot Solana Exchange-Traded Fund (ETF) is October 10th, the U.S. Securities and Exchange Commission (SEC) is facing pressure to ensure a smooth approval process. The SEC has asked the issuer to amend and resubmit the Spot Solana ETF application by the end of July, indicating that the approval speed may be quicker than anticipated. This action comes after the automatic approval of the REX-Osprey SOL and Staking ETF, which started trading last week and received automatic approval under the 1940 Investment Company Act, which the SEC was unable to halt. A source with insider knowledge stated: "The SEC is under pressure to accelerate the approval process rather than waiting 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 prevent any single product from gaining an undue first-mover advantage.