According to people familiar with the matter, companies that requested the issuance of ETFs on Solana (SOL) have been in conversation with the U.S. Stock Exchange and the Securities Commission (SEC) to re-present the revised S-1 document by the end of July.
Responding to comments means that the issuer must address SC observations or concerns over the initial proposal and adjust the S-1 form, the document necessary to register an investment fund in the US market. This step is important to advance the approval process.
Meanwhile, the SEC will need to decide to approve these ETFs until October 10th, but sources say Agents are trying to accelerate the process and can approve one or more funds long before that deadline.
This rush could be affected by approvals from ETF Rex-Soly Sol and Staking (SSK) which began on July 2nd. This is Solana’s first ETF to staking in the market, combining the additional revenue generated by Solana’s native staking mechanism with exposure to cryptocurrency prices, as reported by Cryptoics.
Additionally, one source showed that approvals for Rex stock’s products occurred last week. SEC is putting pressure on promoting approval of other ETFs in Solana.
James Seyfert, ETF specialist at Bloomberg Intelligence, commented that “there is a more positive signal from the SEC movement in possible new cryptocurrency products.”
However, he made it clear that these interactions between the SEC and the emitter mean nothing but new revisions and dialogue, rather than definitive approval. He emphasized that Progress in this sense should be considered positive.
If specified, Solana Cash ETFs will become the third type of cryptocurrency fund in the US market after Bitcoin ETF (BTC) and Ether (ETH), Cryptocurren Franklin Templeton, Fidelity, Coinshares and Canary Capital.
