Solana ETF Launch Delayed Amid Wait for SEC’s Crypto ETF Framework

Fidelity’s bid to launch a Solana ETF has been delayed again. The US Securities and Exchange Commission (SEC) confirmed the delay on July 7, 2025. The filing, submitted by Cboe BZX Exchange, is part of a proposed rule change to list and trade the Fidelity Solana Fund.

SEC Initiates Review of Fidelity’s Solana ETF Proposal

According to an SEC document, the regulator is now officially reviewing whether to approve or reject the proposal. The agency has asked for public comments within 21 days and rebuttals within 35 days from the date of publication in the Federal Register.

This delay was widely expected by market analysts. James Seyffart, a Bloomberg ETF analyst, called the move “expected.” In his X post, he said the decision shows how far the SEC still is from approving spot crypto ETFs tied to altcoins. The broader framework needed for products like the Solana ETF remains incomplete.

He pointed out that the lack of regulatory clarity continues to stall new offerings. This delay comes just as the SEC released its first formal guidance on crypto exchange-traded products, which impacts every Solana ETF application going forward.

SEC Overhauls Crypto ETF Guidelines For Faster Approvals

According to a Reuters report, that document marked a major shift under the leadership of the Republican-majority commission. It sets a new standard for how crypto ETFs are handled. The SEC’s new guidance asks asset managers to clearly explain the risks, custody structure, and uniqueness of crypto-based ETFs.

These explanations must be in “plain English.” The agency wants to ensure that both investors and regulators understand what makes these funds different. This clarity is especially important for products like the Solana ETF, which offer exposure to newer altcoins.

The SEC is also working on a second document that could make future ETF listings much faster. That update could reduce approval times from over 200 days to around 75 days. While that would benefit many products, the Solana ETF remains in regulatory limbo for now.

Dozens of similar filings, from XRP to meme coin ETFs, are also on hold. In the meantime, some firms are pursuing alternative approaches. Last week, REX Financial and Osprey Funds launched the REX-Osprey Sol + Staking ETF. Though not a direct Solana ETF, it gives investors indirect exposure to the network and its staking rewards.