The U.S. Securities and Exchange Commission (SEC) is reportedly preparing to approve Solana (SOL) exchange-traded funds (ETFs).
According to Blockworks, sources close to the process say that approval may come in the coming days.
Following the SEC’s recent adoption of general listing standards for crypto assets, a number of Solana fund filings have also been updated. These developments have fueled expectations of a new wave of cryptocurrency ETFs entering the market.
People familiar with three separate ETF issuers said next week is a “realistic timetable” for Solana ETF approval. However, they added that a potential U.S. government shutdown could disrupt the process.
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One of the sources said it's “highly likely” that the Solana ETF S-1 forms will be finalized in the first half of October. It's also worth noting that recent updates to the filings also addressed staking, but it's not yet clear whether spot ETFs will include staking.
If approved, Solana would be the third crypto asset to gain spot ETF status, following Bitcoin and Ethereum. With a market capitalization of $113 billion, Solana is among the largest assets, but it lags behind Bitcoin's $2.2 trillion and Ethereum's $503 billion.
Following the SEC's new general standards, it's anticipated that ETF applications for other crypto assets like Ripple and Litecoin will also be approved quickly. While funders were previously required to withdraw their 19b-4 applications, the new rules make this process unnecessary.
*This is not investment advice.