SEC acknowledges Fidelity’s Solana ETF filing as SOL sinks 12% on Trump tariff shock

The US Securities and Trade Fee acknowledged Constancy’s software for a spot Solana ETF at the moment, which might commerce on Cboe BZX Trade.

SOL dropped 12% up to now 24 hours amid broader market declines triggered by President Donald Trump’s announcement of recent international tariffs.

The proposed Constancy Solana Fund plans to carry bodily SOL tokens and stake a portion by trusted suppliers.

Cboe BZX’s submitting argues that Solana’s market construction can forestall manipulation with out requiring a surveillance-sharing settlement, citing SOL’s $2 billion common every day buying and selling quantity and $90 billion common totally diluted market cap over the previous 180 days.

The event expands Constancy’s digital asset ETF choices, following its March submitting for a spot Ethereum ETF with staking capabilities.

The SEC’s overview comes because the company reveals indicators of shifting its crypto regulatory strategy.

The Senate Banking Committee voted 13 to 11 to advance Paul Atkins, Trump’s nominee for SEC chair. Atkins, a former commissioner and Patomak World Companions founder, has dedicated to prioritizing digital asset regulation.

“Atkins would assist the SEC return to its core mission and help clearer guidelines for digital belongings,” mentioned Sen. Tim Scott. Nevertheless, Sen. Elizabeth Warren expressed issues over Atkins’s agency’s earlier FTX connections.

This ongoing shift on the SEC contains dropping enforcement actions in opposition to main crypto corporations, reversing beforehand controversial accounting steering, and establishing a devoted crypto-focused activity pressure.

As a part of this transition, many within the business now anticipate the SEC to approve extra crypto ETFs within the close to future, together with Constancy’s Solana ETF and different filings from Grayscale, VanEck, and Bitwise.

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