The United States Securities and Exchange Commission recently told applicants for Solana ETFs to resubmit and modify the S-1 filing documents.
These new submissions have to include specific mechanisms like physical creation and redemption and thorough pledge mechanisms for protecting investors. The filing deadline for these revised documents remains unchanged until the end of July this year.
Though the official approval deadline for these ETFs is October 10, insider sources state that possible quick action by the Commission may occur sooner.
Last week’s quick approval of the REX-Osprey SOL and Staking ETF has placed pressure on hastening the rest of the process. It was the fund’s first trading last week under the 1940 Investment Company Act, which was automatically approved unless blocked by the SEC.
REX-Osprey’s SOL Staking ETF, which goes by its ticker symbol SSK, came to market just days ago and already has a stable market footing. Since it was never subject to typical Securities Act rules, it bypassed typical ETF approvals’ latency.
This astonishing debut has apparently prompted a warning to other issuers by the SEC to finish their filings soon before getting left behind.
Solana ETF accelerates after Bitcoin, Ethereum approvals
The new Solana ETFs would become the third kind of spot crypto funds in the American financial market. These would follow earlier approvals of spot ether and a spot bitcoin ETF, which so far remain the solitary duly accredited crypto tokens in such investment regimes. Mainstream access to crypto for investors would expand further with Solana’s new addition.
Current Solana ETF applications possess in-kind systems of redemption and creation, whereby investors exchange SOL tokens directly for fund shares. Regulators similarly approved this for previous Ether and Bitcoin ETFs to promote high transparency and liquidity in market transactions.
The SEC issued its first written guidance to issuers in June on filing requirements for Solana ETFs. These included its explicit staking details and redemption structures. It was the first formal contact by the Commission with Solana fund issuers to date.
Other upcoming ETF applications also attempt to track coins like XRP at $2.29, Dogecoin at $0.16, and Litecoin at $85.37. None of these other coins demonstrate active momentum toward early approval and U.S. market listing, though.
