PANews reported on July 7 that according to CoinDesk , the U.S. Securities and Exchange Commission ( SEC ) has asked institutions that intend to issue spot Solana ETFs to modify and resubmit their application documents by the end of July . People familiar with the matter revealed that although the SEC can make a decision by October 10 at the latest, this move shows that the approval process may be advanced, which may speed up the final approval process of the Solana ETF . Previously, REX-Osprey SOL and Staking ETF were automatically approved and started trading last week due to the application of the Investment Company Act of 1940 , becoming the first Solana pledge fund, and the SEC is therefore under pressure to speed up approval. If approved, the Solana ETF will become the third type of spot cryptocurrency fund in the U.S. market after Bitcoin and Ethereum.