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Asset manager VanEck has filed to motorboat a staked solana (SOL) exchange-traded money (ETF), signaling continued involvement successful bringing blockchain-native yield-bearing assets to accepted concern rails.
The application, submitted Friday arsenic an S-1 registration with the U.S. Securities and Exchange Commission (SEC), is the archetypal of 2 filings required to database the fund. If approved, the ETF would clasp JitoSOL, a liquid staking token autochthonal to the Solana blockchain. JitoSOL reflects ownership of SOL tokens that person been staked and besides accrues the staking rewards earned by those tokens.
Unlike accepted ETFs, this merchandise would not conscionable way the terms of SOL but besides the income generated by staking — efficaciously baking Solana’s output into a publically traded product.
The SEC has been successful ongoing discussions with ETF providers, including VanEck, astir whether staking components tin beryllium integrated into existing and projected crypto concern funds.
Regulatory bottlenecks
Speaking astatine an manufacture sheet successful Jackson Hole earlier this week, SEC Chair Paul Atkins said the Commission is looking to wide regulatory bottlenecks that dilatory innovation.
“There’s a batch of outpouring cleaning that needs to beryllium done astatine the SEC,” helium said. “We cannot person things truthful abstruse that lawyers can’t springiness opinions to clients.”
Atkins said the agency’s aboriginal rules should beryllium flexible and designed to evolve. He added that the SEC wants to proceed its bequest of adapting to caller technologies, hinting astatine a much unfastened stance toward crypto plus products similar liquid staking ETFs.
VanEck joins a fig of plus managers looking to motorboat a staked solana fund, including Fidelity, Grayscale and Franklin Templeton.
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