The approval of an exchange-traded fund (ETF) for Solana might happen faster than anticipated due to recent SEC initiatives.
Recent developments in Solana ETFs
The SEC has requested potential issuers to revise their S-1s by the end of July in response to comments. Two sources close to the matter confirmed this development.
Situation with the Staking ETF
The REX-Osprey SOL and Staking ETF (SSK) was automatically approved last week. This fund has become the first staking fund in the Solana market and gained a significant first-mover advantage over other potential Solana ETFs. SSK is approved under the Investment Company Act of 1940, which means it is automatically approved unless the SEC intervenes.
Expectations for ETF approval
While the SEC has until October 10 to approve or reject such funds, the Commission reportedly seeks to expedite the process. All eyes are now on the new documents to be submitted by the end of July and how the SEC will respond to these ETFs.
Developments concerning Solana ETFs create hopes for a quicker approval, which could significantly impact the cryptocurrency market.
