The sources said that the SEC has informed the issuers that it intends to respond within 30 days of the filings. Additionally, staff directed applicants to clarify procedures for in-kind redemptions and describe how funds might participate in Solana staking.
Two of the sources added that regulators seemed open to allowing limited staking inside the product structure. One participant estimated that if the revised filings are received this week, a decision could be made in three to five weeks.
The filings used the rare “C-Corp” format, which has a shorter response deadline with the regulator.
The ETF issuers claimed concurrent approvals strip early filers of the advantage that traditionally offsets higher legal and compliance costs. In the letter, they mentioned Solana ETFs.
