Wu said that according to the Jito Foundation, VanEck has submitted an S-1 application to launch the first spot Solana ETF fully backed by liquid staking tokens (LST) JitoSOL - VanEck JitoSOL ETF. The SEC clearly stated in 2025 that protocol staking and liquid staking do not involve securities trading under certain structures, paving the way for the compliant use of LST in ETFs.