In a galaxy not so far away, where the crypto-verse is as vast and unpredictable as the universe itself, Solana has once again found itself in the spotlight. This time, it’s not just about the latest decentralized app or a groundbreaking smart contract. No, this is bigger. Much bigger. It’s about the Solana ETF, and the journey to get it approved by the Galactic Bureaucracy, also known as the U.S. Securities and Exchange Commission (SEC).
On a Friday, which is a perfectly ordinary day, except when it isn’t, a group of intergalactic investment firms—Franklin Templeton, Galaxy Digital, VanEck, and Fidelity—decided to resubmit their amended S-1 forms. These forms, for those not in the know, are the cosmic equivalent of filling out a very long and tedious form to ask the Galactic Bureaucracy if you can list a spot Solana ETF. It’s a bit like asking the Vogons for a poetry reading, but with less rhyming and more legal jargon.
Analysts, who are often as confused as the rest of us but pretend to know what’s going on, are interpreting this move as a sign that the SEC might actually be considering the approval of these crypto investment products. It’s like finding out that the Vogons have a sense of humor, but you’re not sure if it’s a good sign or a bad one.
Grayscale, not to be outdone, has also filed an amended S-1, with a 2.5% fee for its proposed Solana fund. This is the first time Fidelity has submitted such a filing, which is like the first time a Vogon has offered a cup of tea without spilling it all over your shoes.
The filings come after the SEC, in a rare moment of clarity, asked issuers to amend their S-1s, particularly focusing on in-kind redemptions and staking mechanisms. It’s like the Galactic Bureaucracy suddenly deciding to make sense, but only for a little while.
VanEck, always one to push the boundaries, has added staking options to the mix. This has led to intense lobbying efforts by crypto interest groups, who are trying to convince the SEC to allow staking-based ETFs for Ethereum and Solana. It’s like trying to convince a Vogon to read a book, but with more PowerPoint presentations and less shouting.
While the SEC has previously approved spot Bitcoin and Ethereum ETFs, it has been more hesitant with other cryptocurrencies like Avalanche, Dogecoin, and Hedera. The rulings on these applications have been delayed, and the SEC has sought more public comment. It’s like waiting for a Vogon to make a decision, but with more paperwork and less existential dread.
The outlook is looking brighter, however, with a new SEC leadership that might be more open to crypto. The fact that SOL futures were listed on CME is seen as a positive signal, much like finding a friendly face in a crowd of Vogons.
Issuers like VanEck and 21Shares are putting pressure on the SEC to use its customary “first-to-file” method, making the race to the first Solana ETF approval more urgent. It’s like a cosmic race, but with more lawyers and less spaceships.
Also Read : Solana, Cardano, XRP ETFs Approval Timeline: Filings, Latest Updates
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2025-06-14 13:25