BlockBeats News, July 7 — According to sources familiar with the matter, although the first final approval deadline for a spot Solana exchange-traded fund (ETF) is October 10, the U.S. Securities and Exchange Commission (SEC) is under pressure to ensure a smooth approval process.
The SEC has requested that issuers amend and resubmit their spot Solana ETF applications by the end of July, suggesting that the approval process may move faster than expected. This move comes right after the automatic approval of the REX-Osprey SOL and Staking ETF, which began trading last week. That fund received automatic approval under the Investment Company Act of 1940, which the SEC could not block.
One source stated, “The SEC is under pressure to accelerate the approval process rather than wait 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 giving a single product an outsized first-mover advantage.