According to the latest report, the U.S. Securities and Exchange Commission (SEC) has taken a huge step, which many crypto enthusiasts consider to be one step closer towards approving Solana (SOL) ETFs.
The new directives from the SEC have requested updated filings from issuers and shown an openness to including staking rewards in the funds.
“Get ready for a potential Alt Coin ETF Summer with Solana likely leading the way (as well as some basket products) via @JSeyff note this morning, which includes fresh odds for all the spot ETFs,” Eric Balchunas stated in X.
According to the latest report, the SEC has asked issuers to submit amended S-1 forms within a week, with approval possible in 3-5 weeks.
Regulators have also asked for clarity on in-kind redemptions and staking, which suggests possible flexibility.
Solana Witness Rally After Viral News
The news has sparked excitement in the Solana community, fueled by Bloomberg Intelligence’s prediction meter, which soared SOL ETF approval chances to 90% with decisions expected by October.
Grayscale, VanEck, 21Shares, Bitwise, and Franklin Templeton are among the leading firms that are seeking SEC approval. Grayscale is planning to convert its Solana Trust into a spot ETF, which mirrors its Bitcoin and Ethereum ETF conversions.
After the news came out, the SOL token surged by 3.51%, helping the cryptocurrency surge from $157 to $163. If approved, the Solana community might witness a rally in the cryptocurrency.
Also Read: U.S. SEC Reviews Bitwise Bitcoin-Ethereum ETF Proposal
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