Soaring network activity on Solana prompts SEC to request ETF refiles for potential approval ahead of schedule.
In a significant development for the cryptocurrency market, the U.S. Securities and Exchange Commission (SEC) has expedited the review process for Spot Solana Exchange-Traded Funds (ETFs). The regulatory body has requested revised applications by the end of July 2025, marking a more proactive and faster approach to approving Solana-based ETF products [1][3].
Key developments include the opening of a public comment period on Franklin Templeton’s filings for Spot Solana and XRP ETFs, indicating regulatory engagement but not yet formal approval [2]. The deadline for ETF issuers to resubmit or revise their applications has been shortened to July 31, 2025, reflecting the SEC's eagerness to bring these crypto investment products to market sooner rather than later [3].
The surge in institutional interest is palpable, with expectations that approval of a Solana ETF could bring substantial capital inflows, improved liquidity, and broadened investor access to Solana via regulated financial instruments [1][2]. This more confident stance on Solana's market infrastructure and compliance attributes contrasts with previous more cautious approaches for Bitcoin and Ethereum ETFs, possibly influenced by the launch of Solana futures on CME and ongoing developments in staking protocols [1][4].
Analysts interpret the SEC's actions as a potential policy shift toward faster turnaround for Solana-based ETFs. The mismatch between the surge in user activity and stable pricing could suggest a bullish divergence, a pattern often viewed as an early sign of strong market demand [5]. Over the past week, Solana's token has moved between $145.83 and $155.81, with daily ranges narrowing, reflecting a consolidation phase [6].
The surge in activity, which began around July 5 and reached a peak by July 7, is likely tied to decentralised application (dApp) usage or staking platforms. If this pace continues, it may support further growth and trigger renewed investor interest [7]. The recent debut of the REX-Osprey SOL + Staking ETF ($SSK) is trading under the Investment Company Act of 1940 [8].
Multiple ETF applicants have reportedly received instructions from the SEC to amend and resubmit their filings ahead of schedule. The SEC's directive suggests urgency in processing Solana ETF filings [3]. If approved, these ETFs could potentially bring Solana into the mainstream investment landscape, increasing its market relevance in the coming months [1][2].
Sources: [1] CoinDesk. (2025). SEC to Fast-Track Solana and XRP ETF Decisions. [online] Available at: https://www.coindesk.com/business/2025/07/01/sec-to-fast-track-solana-and-xrp-etf-decisions/
[2] The Block. (2025). SEC Opens Public Comment Period on Franklin Templeton’s Solana and XRP ETF Filings. [online] Available at: https://www.theblockcrypto.com/linked/114966/sec-opens-public-comment-period-on-franklin-templeton-s-solana-and-xrp-etf-filings
[3] Bloomberg. (2025). SEC Urges Solana ETF Issuers to Resubmit Applications by July's End. [online] Available at: https://www.bloomberg.com/news/articles/2025-06-30/sec-urges-solana-etf-issuers-to-resubmit-applications-by-july-s-end
[4] Yahoo Finance. (2025). SEC's Solana ETF Approval Hints at Policy Shift, Analysts Say. [online] Available at: https://finance.yahoo.com/news/sec-s-solana-etf-approval-hints-163027292.html
[5] Coin Telegraph. (2025). Solana's Price Remains Steady Despite Network Activity Surge. [online] Available at: https://cointelegraph.com/news/solana-s-price-remains-steady-despite-network-activity-surge
[6] CoinMarketCap. (2025). Solana Price Chart. [online] Available at: https://coinmarketcap.com/currencies/solana/
[7] Ali Charts. (2025). Solana Network Activity Spikes to Historic Highs. [online] Available at: https://www.alicharts.com/news/solana-network-activity-spikes-to-historic-highs/
[8] BusinessWire. (2025). REX-Osprey Launches First-of-its-Kind Solana and Staking ETF. [online] Available at: https://www.businesswire.com/news/home/20250701005233/en/REX-Osprey-Launches-First-of-its-Kind-Solana-and-Staking-ETF
- As the deadline for ETF issuers to revise their applications approaches, investors are analyzing the potential impact of Solana ETFs in the broader financial market, anticipating substantial capital inflows and improved liquidity for the Solana cryptocurrency.
- The technology sector sees a standout development with the SEC's proactive approach towards Solana-based ETFs, signaling the potential for these digital assets to move further into mainstream investment platforms, thus increasing Solana's market relevance in the coming months.
