SEC sets July deadline, requiring Solana ETF applicants to resubmit documents

On July 7th, according to informed sources, although the first final approval deadline for spot Solana exchange traded funds (ETFs) is October 10th, the US Securities and Exchange Commission (SEC) is facing pressure to ensure a smooth approval process. The SEC requires issuers to revise and resubmit their spot Solana ETF applications by the end of July, implying that the approval process 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 cannot prevent. A source familiar with the matter said, 'The SEC is under pressure to expedite the approval process, rather than waiting until the October deadline, especially considering that the REX Shares product was approved last week.'. This reflects that the SEC may be adjusting its strategy to avoid a single product gaining too much first mover advantage.