Potential Early Approval of Solana ETF Looms As SEC Requests Revisions

According to insiders, the U.S. Securities and Exchange Commission (SEC) has requested potential Solana ETF issuers to submit revised S-1 forms by next week. Two sources added that the SEC informed the issuers it would provide comments within 30 days of the S-1 submission. The SEC has asked for updates regarding physical redemption and how issuers plan to handle staking, and it appears willing to include staking as part of the Solana ETF. One source estimates these updates could position the Solana ETF for approval within three to five weeks. James Seyffart from Bloomberg Industry Research suggests the ETF could even be approved this year, possibly as early as July. Seyffart also indicated that the SEC might prioritize processing Solana’s 19b-4 applications and staking ETFs earlier than planned. Although industry participants have been working with the SEC and its crypto task force to develop rules, the final deadline for decisions on such applications is set for October.