The American Securities and Exchange (SEC) commission has again postponed its decision to five funds negotiated on Solana (ETF), extending the regulatory examination process for investment products linked to Solana (soil).
The delay has an impact on the Canary Solana Trust, 21Shares Core Solana Etf, Bitwise Solana Etf, Vaneck Solana Etf and Fidelity Solana Fund.
Why does the SEC delays Solana Etf’s decisions?
The SEC SEC decision, Canary Capital, Vaneck and Bitwise deposits was initially scheduled for April 4. However, on March 11, the regulatory body extended its examination period, giving it until May 19 to approve or disapprove of proposals or initiate additional procedures to determine whether rules should be approved.
On May 19, the SEC did not make a final decision. Instead, the regulator announced that it would request public comments for all requests before governing.
“The institution of procedures does not indicate that the Commission has drawn conclusions concerning the questions concerned. On the contrary, the Commission seeks and encourages interested persons to make comments on the change of rules proposed,” noted the dry.
Apart from the four deposits, the SEC also pushed the deadline for Fidelity Solana Fund. The proposal was published for public comments on April 9. He was initially for a decision by May 24.
However, the SEC decided to extend the evaluation period until July 8 to allow more time to consider demand.
“The Commission deems appropriate to designate a longer period in which to take measures on the change of rule proposed so that it has enough time to consider the change of rule proposed and the questions raised there,” the press release said.
This marks the last of a series of delays for ETF applications. Previously, the SEC has postponed its decision on a similar proposal from Grayscale, which sought to launch an ETF focused on Solana.
In addition, several XRP (XRP), Litecoin (LTC) and Dogecoin (DOGE) applications have been faced with a similar spell. The postponement scheme reflects the prudent dry approach to Altcoin-based financial products, despite the new Pro-Crypto government.
The delay also had an impact on the approval ratings on polymarket. The probability that an ETF of Solana obtains approval by July 31 fell to only 16% on the prediction platform. However, the longer term perspective remains optimistic, with chances of approval at 85% by December.
Meanwhile, Solana’s price has remained indifferent to development. Altcoin saw an increase of 2.7% in the last day. At the time of writing the editorial staff, the soil negotiation price was $ 169.
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