VanEck files for JitoSOL ETF after SEC exempts certain liquid staking activities from securities laws

Discover insights within the Altcoins house. This article dives into: “VanEck files for JitoSOL ETF after SEC exempts certain liquid staking activities from securities laws”.

Key Takeaways

• VanEck is searching for SEC approval to launch a JitoSOL ETF, providing publicity to staked SOL and its rewards.
• The ETF is among the many first to deal with a Solana liquid staking token somewhat than a base crypto asset.

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Prominent asset supervisor VanEck has submitted an utility with federal securities regulators to supply an exchange-traded fund that can maintain JitoSOL, a liquid staking token on the Solana blockchain.

According to a Form S-1 filed by VanEck Digital Assets on August 22, the proposed JitoSOL ETF goals to trace JitoSOL’s value, which represents possession of staked SOL tokens plus collected staking rewards.

The fund might be structured to permit traders publicity to SOL and staking yields by means of conventional brokerage accounts.

The transfer represents one of many first ETF functions designed to wrap a Solana liquid staking token somewhat than a base crypto asset. It follows the SEC’s current steerage stating that certain liquid staking activities should not securities transactions and due to this fact don’t require registration.

That clarification was issued underneath the SEC’s Project Crypto initiative, which seeks to modernize guidelines round activities like staking, custody, and token distribution. The effort might pave the way in which for approval of crypto-linked merchandise, together with Ethereum ETFs that incorporate staking.

Commenting on the submitting, Jito mentioned that it’s the fruits of months of engagement with the SEC and ecosystem companions, serving to set up liquid staking tokens as compliant constructing blocks for ETFs.

“The S-1 filing begins a review process prior to possible market listing,” the workforce mentioned in a Friday assertion. “As always, we will continue to work collaboratively with regulators and market participants to ensure high standards of compliance, transparency, and investor protection. This is one step in our ongoing mission to narrow the distance between high-performance, credibly neutral infrastructure and the world’s largest capital allocators.”

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