According to three informed sources cited by Blockworks on 10 June, the United States Securities and Exchange Commission (SEC) has requested potential sponsors of the Solana Exchange Trading Fund (ETF) to submit revised S-1 forms within one week.

According to the source, the SEC has informed the issuer of its plan to respond within 30 days of the submission of the document. In addition, SEC staff instructed the applicant to clarify the procedure for in-kind redemption and described how the funds were involved in the Solana pledge. Two of them added that the regulators seemed to be open to allowing limited pledges in product structures. One participant estimated that if the revised document was received within the week, decision-making could take place within three to five weeks.

In April, Bloomberg ETF analysts James Seyffart and Eric Balchunas predicted that the approval of the funds associated with the replacement currency might not take place before October, when most SEC-decided deadlines would expire.

Seyffart reiterated on 20 May that the SEC would normally make full use of time to respond to 19b-4 documents. However, in the event of early ratification, this may wait until early July.

Balchunas shared Seyffart's notes on 10 June, emphasizing that “ETF tracking a wide encryption index may obtain SEC approval within the next month”.

Balchunas added that REX Shares ' recent submission of listing applications, including pledge services, for the Taifung and Solana ETF, was an incentive for regulators to consider expediting approval. These documents use a rare “C-Corp” format, where response times are shorter.

Fuda, Franklin Templeton, VanEck, Bitwise, Canary Capital, 21 Shares and Grayscale have submitted applications for Solana ETF. Grayscale seeks to convert its existing Solana Trust to ETF, copying its path for the presentation of Bitcoin and the ETA Fund. Its application was deferred on 13 May, while the Franklin Templeton proposal was deferred on 30 April. Meanwhile, documents submitted by Fuda and VanEck on 19 May were also postponed.

On 6 June, VanEck, Canary and 21shares sent a letter to SEC requesting the reinstatement of the initial declaration approval order. ETF issuers claim that simultaneous approvals deprive early declarationers of their traditional advantages, which are often used to offset high legal and compliance costs. In the letter, they referred to Solana ETF.