4 hours ago
The roadworthy to a spot Solana (SOL) exchange-traded money (ETF) could beryllium overmuch shorter than expected.
The Securities and Exchange Commission asked prospective issuers to respond to comments and re-file amended S-1 documents earlier the extremity of July, 2 radical acquainted with the substance told CoinDesk.
Technically, the SEC has until October 10 to o.k. oregon contradict specified a fund, but it seems privation to accelerate the process and o.k. 1 oregon much of the funds mode up of that deadline, 1 of the individuals said.
The crushed could beryllium the caller support of the REX-Osprey SOL and Staking ETF (SSK) which the Commission had nary prime but to green-light arsenic it falls nether the Investment Company Act of 1940 and truthful received automatic support unless stopped by the SEC.
SSK started trading past week, becoming the archetypal Solana staking money connected the market, giving it a first-mover vantage implicit the imaginable remaining Solana ETFs. This is thing that the SEC has antecedently attempted to prevent, which is wherefore it approved respective spot ether (ETH) and bitcoin (BTC) ETFs astatine the aforesaid time.
“I deliberation that the SEC has immoderate unit to o.k. these quicker than waiting each the mode to October, particularly with that Rex Shares merchandise that got approved past week,” 1 idiosyncratic acquainted with the substance said.
In June, the Commission asked issuers to amend their S-1 filings for their requested Solana ETFs and to see connection for in-kind redemption and creations arsenic good arsenic staking, which was the archetypal authoritative connection from the SEC regarding those imaginable products.
The spot Solana ETFs would beryllium the 3rd benignant of spot crypto funds connected the U.S. marketplace aft the support of the spot ether and bitcoin funds. Other outstanding applications see funds tracking the terms of XRP (XRP), Dogecoin (DOGE) and Litecoin (LTC), among others.
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