The race to bring Solana-based exchange-traded funds (ETFs) to U.S. markets is heating up, with Canary Capital, Franklin Templeton, and VanEck all submitting fresh revisions of their S-1 applications to the Securities and Exchange Commission.
The coordinated filings suggest that discussions with regulators are active, signaling strong institutional interest in Solana products.
Staking Takes Center Stage
One of the biggest updates in the new drafts is the inclusion of staking through Marinade Finance. According to the proposals, a majority of the Solana held by the trust would be delegated to Marinade for at least two years, with rewards reinvested to enhance net asset value. The filings also highlight Marinade’s “instant unbonding” option, which would allow the funds to handle redemptions without being tied to Solana’s standard lock-up cycles.
Custody and Transparency Adjustments
The revised documents detail a split custody model across hot and cold wallets, with custodians maintaining sole control of keys. While investors won’t handle tokens directly, the filings stress custody risks remain a factor. Daily disclosures of assets, NAV, and premium or discount data will be made available online for transparency.
Expanded Risks and Tax Questions
The new language also broadens risk disclosures, citing the potential impact of slashing penalties, validator downtime, network outages, or forks. Tax treatment remains an open question, with issuers seeking grantor trust classification while admitting uncertainty over how staking rewards will be handled under U.S. law.
Analysts Read SEC Signals
Bloomberg ETF analyst James Seyffart described the wave of amended filings as a positive sign that issuers and the SEC are engaged in back-and-forth dialogue. He noted that additional firms are expected to update their paperwork in the coming weeks, underscoring the likelihood of steady progress rather than regulatory stalling.
The information provided in this article is for informational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/solana-etf-outlook-are-we-nearing-sec-approval/