According to a wave of regulatory documents, these firms updated their S-1 filings, a registration statement necessary for an ETF to get SEC approval for public trading. Fidelity also submitted its Solana Fund S-1, marking the company’s first S-1 filing for a spot Solana ETP, as confirmed by an industry insider.

Just this week, it was reported that the SEC had asked several potential Solana ETF issuers to update their S-1s. Eric Balchunas, a Bloomberg ETF analyst, suggested this could mean the agency is more likely to approve some of these products, estimating a two to four-month timeline for spot SOL ETFs to launch.

The SEC reportedly asked issuers to revise the language around in-kind redemptions and their staking approach. Lobbyists have been pushing for the approval of Ethereum and Solana staking ETFs, which would allow holders to earn staking yield. VanEck included staking in its proposed Solana ETF in its revised statement.

While the SEC has greenlit spot Bitcoin and Ethereum ETFs as well as some mixed crypto-equity funds, it has shown reluctance towards approving products that follow alternative tokens, despite numerous filings for products like Avalanche, Dogecoin, and Hedera funds. The agency recently postponed decisions on several such products and solicited public opinion.

Experts suggest that Solana stands a better chance of approval under a more amenable SEC administration, especially considering the recent listing of SOL futures by CME, a step not essential but generally viewed as advantageous in the ETF listing process.

ETF issuers like VanEck and 21Shares have urged the SEC to adhere to its typical “first-to-file approach,” which approves product proposals on a first-come, first-serve basis.

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