On July 7, sources revealed that while 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 facing pressure to ensure the approval process goes smoothly.

The SEC has requested issuers to modify and resubmit their spot Solana ETF applications by the end of July, suggesting that approval could come faster than expected. This move follows the automatic approval of the REX-Osprey SOL and Staking ETF, which began trading last week after receiving automatic approval under the Investment Company Act of 1940, which the SEC could not block.

One source stated, "The SEC is under pressure to speed up the approval process rather than wait until the October deadline, especially given the approval of the REX Shares product last week." This reflects the SEC's potential shift in strategy to avoid a single product gaining too much of a first-mover advantage.