Securities regulators have reportedly sped up the timeline for financial institutions seeking to issue exchange-traded funds invested in the Solana blockchain platform.
These firms have until July 31 to refile their applications, according to a CoinDesk report on Monday (July 7), which cited unidentified sources.
The report said that the move by the Securities and Exchange Commission (SEC) signals a speeding up of the timeline for potential approval of the funds. Regulators had previously given issuers until Oct. 10 to file final applications. The reported nudge, which is not captured in any formal SEC communications, may signal that regulators under the crypto-friendly Trump administration are eager to get the funds into the hands of ordinary investors.
The spot ETFs would trade on a stock exchange, giving their owners exposure to Solana without actually owning the company’s stock. San Francisco-based Solana, which also has offices in Switzerland, is used by Trump’s “meme” coin, the $TRUMP token, launched by the then-president elect and now worth $1.7 billion.
The only other spot ETFs approved by the SEC are for bitcoin and ether. The nation’s securities regulator has undergone a major shift under the Trump administration in how it views cryptocurrencies, launching a “crypto task force” to review rules and regulations, including whether crypto funds should be regulated as securities. Last week, the SEC hit pause on an application it had approved the day before from crypto firm Grayscale to convert its Digital Large Cap Fund to an ETF.
But the July 31 deadline may signal a green light for at least some crypto ETFs. The Rex Shares’ Rex-Osprey SOL + Staking ETF began trading last week, and more than a dozen from other issuers are pending approval.
“I think that the SEC has some pressure to approve these quicker than waiting all the way to October, especially with that Rex Shares product that got approved last week,” CoinDesk quoted one person familiar with the matter as saying.
