21Shares, an ETF issuer, has filed an updated S-1 for its proposed Solana (SOL) ETF, providing fresh details on staking and in-kind redemptions
The U.S. Securities and Exchange Commission (SEC) is reviewing the filing, with decisions expected in October. The amendment explains how the fund would handle redemptions in kind and clarifies staking procedures.
Other issuers, including Franklin, Fidelity, CoinShares, Bitwise, Grayscale, VanEck, and Canary, have also submitted similar revisions in recent days as they actively respond to SEC feedback. Currently, about nine applications for Solana ETFs are pending with the SEC.
SEC Decisions in October Could Shake The Markets
Meanwhile, October is gaining significance as a month for the crypto sector.The Several applications, including ETFs related to Solana, XRP, Litecoin, as well as Cardano, are expected to be decided upon by the SEC. Deadlines for these filings are spread throughout the month, and the SEC recently removed all delay notices, leaving the door open for approvals.
Earlier this month, the SEC approved updated listing standards for crypto ETFs, which may have streamlined the approval process.
Under the new rules, a crypto ETF must be listed on a heavily monitored market, have a futures contract overseen by the CFTC for six months, or be linked to an existing ETF holding at least 40% of the cryptocurrency.
Also Read: Polkadot’s Community Supports Plans For a DOT-Backed Stablecoin
