4 days ago
The US Securities and Exchange Commission (SEC) asked would-be Solana exchange-traded money (ETF) sponsors to record amended S-1 Forms wrong a week, Blockworks reported connected June 10, citing 3 radical acquainted with the discussions.
The sources said that the SEC has informed the issuers that it intends to respond wrong 30 days of the filings. Additionally, unit directed applicants to clarify procedures for in-kind redemptions and picture however funds mightiness enactment successful Solana staking.
Two of the sources added that regulators seemed unfastened to allowing constricted staking wrong the merchandise structure. One subordinate estimated that if the revised filings are received this week, a determination could beryllium made successful 3 to 5 weeks.
Approval wrong the adjacent month
Bloomberg ETF analysts James Seyffart and Eric Balchunas predicted successful April that the support of altcoin-related funds might not hap earlier October erstwhile astir of the last deadlines for a SEC determination expire.
Seyffart reiterated connected May 20 that the SEC usually takes afloat clip to respond to 19b-4 filings. However, if an aboriginal support occurs, it mightiness not hap until the archetypal days of July.
Balchunas shared a note by Seyffart connected June 10, reinforcing that “ETFs that way wide crypto indexes whitethorn beryllium approved by the SEC wrong the adjacent month.”
Balchunas added that the recent filing of REX Shares to database Ethereum and Solana ETFs with staking offerings was the crushed the regulator is considering fast-tracking the approvals.
The filings utilized the uncommon “C-Corp” format, which has a shorter effect deadline with the regulator.
Competitive slate lines up
Fidelity, Franklin Templeton, VanEck, Bitwise, Canary Capital, 21Shares, and Grayscale each person applications for a Solana ETF.
Grayscale seeks to person its existing Solana Trust into an ETF, mirroring the way it utilized to database spot Bitcoin and Ethereum funds. The firm’s was delayed connected May 13, portion Franklin Templeton’s proposal was delayed connected April 30. Meanwhile, filings submitted by Fidelity and VanEck were postponed connected May 19.
On June 6, VanEck, Canary, and 21shares sent a missive to the SEC asking for the reinstatement of the first-to-file support order.
The ETF issuers claimed concurrent approvals portion aboriginal filers of the vantage that traditionally offsets higher ineligible and compliance costs. In the letter, they mentioned Solana ETFs.
The station SEC reportedly fast-tracks Solana ETFs: imaginable support arrives wrong 5 weeks appeared archetypal connected CryptoSlate.
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