The primary deadline for a few of these proposals was April 4. The SEC in March prolonged the evaluate interval, and the subsequent resolution date was set to Could 19. On that day, the SEC once more didn’t approve or reject the filings. It as an alternative requested for additional public feedback.
The delay impacts all 5 proposals, together with the Fidelity Solana Fund. That submitting was anticipated to get a response by Could 24, however the SEC has now set a brand new deadline of July 8.
This isn’t the primary time the SEC has postponed selections on crypto-related ETFs. Related delays have affected Grayscale’s Solana ETF proposal and functions tied to XRP, Litecoin, and Dogecoin. The development suggests a cautious stance from regulators regardless of a extra crypto-friendly authorities.
The information has additionally impacted market sentiment. On prediction platform Polymarket, the percentages of a Solana ETF approval by July 31 have dropped to simply 16%. Nonetheless, long-term expectations stay constructive, with 85% odds for approval by December.
Notably, Solana’s worth hasn’t suffered consequently. Fairly, SOL gained 2.7% over the past 24 hours, buying and selling at roughly $169 when revealed.
The crypto group now awaits the subsequent replace, scheduled for July.