VanEck has filed to launch the VanEck JitoSOL ETF, a proposed US exchange-traded fund backed solely by the liquid staking token JitoSOL, potentially giving regulated exposure to Solana staking yields while testing the SEC’s evolving stance on liquid staking tokens.
First US ETF proposal backed by a liquid staking token (JitoSOL).
Filing tests SEC policy on whether liquid staking receipt tokens can be included in regulated ETPs.
VanEck’s move follows spot Bitcoin and Ether ETF launches and cites SEC staff guidance distinguishing most staking from securities.
JitoSOL ETF: VanEck files to list a liquid staking token-backed ETF — learn what it means for Solana staking exposure. Read more.
What is the VanEck JitoSOL ETF proposal?
The VanEck JitoSOL ETF is a proposed US exchange-traded fund that would hold only JitoSOL, the liquid staking token issued by Jito Network. The fund aims to provide regulated, transferrable exposure to Solana staking yields by holding JitoSOL tokens that accrue rewards while remaining tradable.
How does JitoSOL represent staked Solana?
JitoSOL is a liquid staking receipt token that represents SOL locked with validators while enabling token transfer and reward accrual. Liquid staking consolidates stake across validators to reduce operational complexity and allows markets to price staking yields without unwrapping staked assets.
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VanEck’s S-1 filing is the first US attempt to register an ETF backed by a liquid staking token, directly testing recent SEC staff interpretations. In May and August, SEC staff issued statements suggesting that solo and delegated staking generally fall outside securities laws and that receipt tokens can evidence ownership rather than an investment contract, provided there is no discretionary third-party control.
Those staff views are informative but not binding. The Commission or courts could still reach different conclusions, so the VanEck JitoSOL filing will be an important gauge of how the SEC applies those staff statements to exchange-traded products.
On July 31, Jito Labs and the Jito Foundation co-authored a letter to the SEC urging acceptance of liquid staking tokens like JitoSOL in ETPs. The letter included support from VanEck, Bitwise, Multicoin Capital, and the Solana Policy Institute (mentioned as plain text). Signatories argued liquid staking improves safety and efficiency by distributing stake across validators and lowering operational risk.
Source: https://en.coinotag.com/vaneck-filing-for-jitosol-etf-could-test-sec-stance-on-solana-staking/