Insider sources: The U.S. SEC has requested Solana ETF issuers to submit a revised S-1 form within the next week.

[Insider: The US SEC has requested Solana ETF issuers to submit revised S-1 forms within the next week] Three insiders said that the US Securities and Exchange Commission (SEC) has asked potential Solana ETF issuers to submit revised S-1 forms within the next week. Two sources added that "the agency informed the issuer that it would comment on the S-1 filing within 30 days of its submission. The SEC requires the issuer to update the wording regarding physical redemptions and how the issuer handles staking, and added that the agency seems willing to include staking as part of the Solana ETF." Another source estimates that these updates could make the Solana ETF likely to be approved within three to five weeks. James Seyffart from Bloomberg Industry Research stated that he expects approval this year, possibly as early as July. In a report this week, Seyffart wrote, "We believe that the SEC may now focus on processing Solana's 19b-4 application and staking ETF earlier than planned. Issuers and industry participants may have been working with the SEC and its cryptocurrency working group to develop rules, but the agency's deadline for making decisions on such applications is until October."