The U.S. Securities and Exchange Commission (SEC) has requested that sponsors of the Solana Trade-Traded Fund (ETF) submit amended S-1 forms within a week, according to Blockworks on June 10,
citing three people familiar with the discussions. The sources said the SEC informed the issuers that it intends to respond within 30 days of the filings. Additionally, staff directed applicants to clarify the procedures for in-kind redemptions and describe how funds participate in Solana staking. Two of the sources added that regulators seem open to allowing limited support within the product structure. One participant estimated that if the revised filings are received this week, a decision could be made within three to five weeks. Approval during the next month. Bloomberg analysts Eshan James Seifart and Eric Balchunas predicted in April that approval for funds related to cryptocurrencies may not happen before October when most final deadlines for SEC decisions expire. Seifart reiterated on May 20 that the SEC typically takes a full 90 days to respond to 19B-4 filings. However, if an early approval occurs, it may not happen until the early days of July. Balchunas shared a note from Seifart on June 10, reinforcing that "ETFs tracking broad crypto indexes may be approved by the SEC within the next month." Balchunas added that the recent filing from REX to study Ethereum and Solana ETFs with staking offerings was the reason the regulator is considering expediting approvals. The filings used the rare "C-Corp" format, which has a shorter deadline with the regulator. Competitive listing lines: Fidelity, Franklin Templeton, Vaneck, Bitwise, Canary Capital, 21Shares, and Grayscale all have applications for a Solana ETF. Grayscale seeks to convert its existing Solana trust into an ETF, reflecting the path it took to list Bitcoin and Ethereum funds. The company delayed on May 13, while Franklin Templeton's proposal was delayed on April 30. Meanwhile, filings submitted by Fidelity and Vaneck were postponed on May 19. On June 6, Vaneck, Canary, and 21Shares sent a letter to the SEC requesting a further postponement of the approval order on the initial filing. The ETF issuers claimed that concurrent approvals strip early entrants of the advantage that traditionally includes legal and compliance costs. In the letter, they mentioned Solana ETFs.
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