Unexpected Developments in Solana Spot ETFs – Dates for Potential SEC Approval Begin to Clarify

The approval process for the spot Solana exchange-traded fund (ETF) may accelerate beyond expectations. The U.S. Securities and Exchange Commission (SEC) has asked potential issuers to resubmit revised S-1s by the end of July, responding to comments.

Two sources close to the matter confirmed this development.

While the SEC technically has until October 10 to approve or reject such a fund, the Commission is reportedly looking to speed up the process and approve one or more funds well before that date. One of the reasons behind this move is the REX-Osprey SOL and Staking ETF (SSK), which was automatically approved last week.

Since the SSK fund is considered under the Investment Company Act of 1940, it is automatically approved unless the SEC intervenes. SSK, which started trading last week, became the first Solana staking fund on the market and gained a significant first-mover advantage over other potential Solana ETFs. The SEC previously approved spot Ethereum and Bitcoin ETFs simultaneously in order not to give an advantage to a single product in similar cases.

“I think the SEC is feeling pressure to approve these ETFs sooner rather than later because of the Rex Shares product that was approved last week,” said a source familiar with the matter.

The SEC sent its first official communication to potential issuers in June, instructing them to include language on staking and in-kind trading in their filings. This was the first step in signaling that the SEC had formally begun the process for Solana ETFs.

With this development, a much earlier date for approval of the spot Solana ETFs, rather than October, is possible. All eyes are now on the new documents to be filed by the end of July and how the SEC will respond to these ETFs.