On May 19, the SEC announced the postponement of its decision regarding Solana ETFs. The new deadline is set for June 9. However, it seems that the SEC is finalizing its analysis. Indeed, the institution has asked ETF issuers to modify their S-1 forms. This could be a sign of an imminent approval.
Key points of this article:
The SEC has postponed its decision regarding Solana ETFs to June 9, requesting issuers to modify their S-1 forms.
These modifications could herald an imminent approval, marking a potential turning point for crypto ETFs beyond Bitcoin and Ethereum.
The SEC is requesting modifications to the S-1 forms of Solana ETFs
As we saw earlier, the SEC has postponed its decision regarding Solana ETFs to June 9.
But now a new twist has been revealed by our colleagues at Blockworks. According to their article, the SEC has requested ETF issuers to modify their S-1 forms.
As a reminder, the S-1 form is a legal document filed with the SEC when registering an initial public offering (IPO) in the United States. It provides detailed information about the company, its activities, financial situation, and the risks associated with investing in its shares.
In practice, the SEC has reportedly asked ETF issuers to update the risk section to include information about the risks associated with the concentration of SOL tokens.
An imminent approval?
According to Blockworks, these requests for modifications could be a sign of an imminent approval.
Indeed, the SEC had made similar requests to Bitcoin and Ethereum ETF issuers shortly before their approval.
Thus, some observers believe that the SEC could approve Solana ETFs within the next 3 to 5 weeks.
If this were to be confirmed, it would mark a turning point for crypto ETFs. Indeed, until now the SEC has only approved ETFs for Bitcoin and Ethereum. Approval for those on Solana would open the door to other cryptos.
For their part, ETF issuers are not stopping there. Indeed, Fidelity, Invesco, and VanEck have recently filed requests for Ripple Spot ETFs.