The SEC is pushing for faster approvals of Solana ETFs than initially planned. Instead of waiting until October, the target deadline, they’re asking applicants to resubmit their paperwork by the end of this month.
Faster Approvals on the Horizon?
Insiders say the SEC is feeling the pressure to speed things up, especially after the REX-Osprey SOL + Staking ETF (SSK) launched unexpectedly on July 2nd. SSK, which uses a different regulatory path, began trading immediately after filing, accumulating around $12 million on its first day. This surprised the SEC, which usually tries to approve competing crypto ETFs simultaneously to avoid a single fund dominating the market.
New Rules in the Works
The SEC is also working on new, broader rules for digital asset ETFs. A recent 12-page document outlines requirements for things like custody, staking rewards, and market manipulation prevention. They’re creating a standard template to streamline the approval process, potentially reducing approval times to around 75 days.
Analyst Opinions Vary
While some analysts see the faster communication as a positive sign, others remain cautious. Some believe actual approvals might not happen until early fall, pointing to ongoing delays and the need for a new standardized framework. However, even without the new framework, lawyers say the SEC could still approve Solana ETFs in August.
The Solana ETF Race
The SEC is evaluating whether the Solana market is resistant enough to manipulation and if CME SOL futures offer sufficient oversight. Six companies – VanEck, Fidelity, 21Shares, Ark/21Co, Bitwise, and Hashdex – have applied for Solana ETFs. An approval before October would make Solana the third cryptocurrency with a US spot ETF, potentially setting a precedent for other cryptocurrencies like XRP, Litecoin, and Dogecoin.
What’s Next?
Market makers are preparing for a rapid launch of multiple Solana ETFs if the SEC approves them in late August. The speed of approval now depends on the SEC balancing the need for consistent policy with fair competition, given the unexpected launch of SSK. At the time of writing, SOL was trading at $148.93.