Insider: US SEC Requests Solana ETF Issuers to Submit Amended S-1 Forms by Next Week

Three informed sources stated that the U.S. Securities and Exchange Commission (SEC) has requested potential Solana ETF issuers to submit revised S-1 forms within the next week. Two of the sources added, "The agency informed issuers that it will comment within 30 days after the S-1 document submission. The SEC asked issuers to update the wording regarding physical redemption and how issuers handle staking, adding that the agency seems willing to include staking as part of the Solana ETF." Another source estimated that these updates could make the Solana ETF likely to be approved within three to five weeks. James Seyffart from Bloomberg Industry Research stated that he expects approval this year, possibly as early as July. Seyffart wrote in a report this week, "We believe the SEC may now focus on processing Solana's 19b-4 application and staking ETF earlier than planned. Issuers and industry participants may have been working with the SEC and its cryptocurrency task force to develop rules, but the agency's deadline for deciding on such applications is not until October."