Solana is back under the limelight of the crypto-verse as massive developments can be seen for the Solana ETF this week. On Friday, multiple prominent investment firms, such as Franklin Templeton, Galaxy Digital, VanEck, resubmitted amended S-1 forms in order to list spot Solana exchange-traded funds (ETFs).
Analysts are viewing the move as an indication that the U.S. Securities and Exchange Commission (SEC) could be getting ready to approve such crypto investment products.
S-1 form is an important process of securing an SEC approval of a public ETF. Grayscale has also filed an amended S-1, revealing a 2.5% fee of its proposed Solana fund. Fidelity also submitted filling and this is their first-ever S-1 submitted to list a spot Solana ETF.
The filings follow days after it was reported that the SEC had asked issuers to amend their S-1s, especially in-kind redemptions and staking mechanisms.
Moreover, VanEck also added staking options, also the subject of intense lobbying efforts by crypto interests groups on the SEC to permit staking-based ETFs in the case of Ethereum and Solana, which would offer extra yield to investors.
The SEC has in the past greenlit spot Bitcoin and Ethereum ETFs but has been hesitant about ETFs that track other cryptocurrencies such as Avalanche, Dogecoin, and Hedera. Additionally, rulings on those applications have been put off, and the SEC has sought more public comment.
The outlook is further improved with a SEC leadership that may be more open to crypto, and indeed futures of SOL were listed on CME, a move that is considered a positive signal to an ETF approval.
Such issuers as VanEck and 21Shares have already put pressure on the SEC to use its customary “first-to-file” method of making such decisions, making the race to the SEC approval of the first Solana ETF more urgent.
Also Read: 21Shares Launches Solana ETF on CBOE for U.S. Investors
