The path to establishing a spot Solana exchange-traded fund (ETF) may be more straightforward than previously thought.

Key Points:

• The SEC has urged issuers to amend and submit their spot Solana ETF applications by the end of July, signaling potential approvals could occur sooner than the October deadline.
• This push comes in light of the recent automatic approval of the REX-Osprey SOL and Staking ETF, which began trading under different regulations last week.
• Should these spot ETFs be approved, they would join bitcoin and ether as the only existing spot cryptocurrency funds within the U.S., with applications for XRP, Dogecoin, and Litecoin yet to be determined.

The SEC has until October 10 to either approve or reject these ETFs, but signs indicate an effort to expedite the process, according to two sources familiar with the matter.

Following the SEC’s recent approval of the REX-Osprey SOL and Staking ETF, there appears to be increased pressure on the Commission to speed up the approval timeline for Solana ETFs. As it stands, these ETFs would mark a significant addition to the growing list of spot crypto funds following approvals for ether and bitcoin funds.

In summary, the SEC’s accelerated timeline for Solana ETF approvals reflects a broader trend of growing acceptance and regulatory clarity in the cryptocurrency sector.