SEC Moves Closer to Approving Staked Solana ETF

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REX Shares seems to be getting ready to launching a staked Solana ETF after receiving a key response from the US Securities and Exchange Commission (SEC).

On June 27, the agency wrote the regulator to verify whether or not it had resolved all considerations associated to its proposed Solana and EtheEthereum staking ETFs.

SEC Clears Way for First Staked Solana ETF as REX Shares Readies Launch

The SEC responded with out additional feedback, sparking optimism {that a} launch could possibly be close to.

Industry analysts consider this might enable REX Shares to launch the nation’s first crypto ETF that tracks staking rewards on the Solana blockchain.

Bloomberg ETF knowledgeable Eric Balchunas indicated that the SEC’s lack of objections is critical. According to him, which means that the proposal will doubtless obtain approval quickly.

“Rex also filed an updated prospectus, which totally filled in. Add it all up and it appears as though all systems go for imminent launch. $SSK is the ticker,” Balchunas mentioned.

Interestingly, REX Shares has begun advertising and marketing the product because the first-ever staked crypto ETF within the US. According to the agency, the product will monitor Solana’s efficiency whereas producing yield by on-chain staking.

It needs to be famous that the SEC has but to difficulty a proper approval for the product.

If permitted, this may place the agency to be the primary to supply a staking-based crypto ETF, forward of rivals nonetheless pursuing spot Solana merchandise.

Meanwhile, Nate Geraci, president of ETF Store, identified that such a transfer might function a catalyst for the trade. He famous that this will encourage different candidates to discover staked crypto choices.

“Looks like they believe comments have been resolved…Crypto ETF summer commences,” he added.

This growth follows the SEC’s notable regulatory progress final month. At the time, the company acknowledged that staking fashions alone don’t routinely fall beneath securities legal guidelines.

It additionally clarified that additional options resembling bundled providers or early redemption choices don’t essentially alter that standing.

Many have now submitted new proposals targeted on income-generating digital property.

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