美國證券交易委員會（SEC）已正式要求尋求啟動Solana（SOL）現貨交易所交易基金（ETFS）提交更新的註冊文件的公司

美國證券交易委員會（SEC）已正式要求尋求啟動Solana（SOL）現貨交易所交易基金（ETFS）提交更新的註冊文件的公司

The U.S. Securities and Exchange Commission (SEC) has requested that firms seeking to launch Solana (SOL) spot exchange-traded funds (ETFs) submit updated registration filings within the next week.

美國證券交易委員會（SEC）已要求尋求啟動Solana（SOL）現貨交易所交易資金（ETF）的公司在下週提交最新的註冊文件。

The agency is specifically asking for amendments to S-1 registration statements to address critical elements, including in-kind redempptions and detailed disclosures surrounding staking mechanisms — a feature unique to proof-of-stake blockchains like Solana.

該機構專門要求對S-1註冊聲明進行修正，以解決關鍵要素，包括實物重新申請以及圍繞堆積機制的詳細披露，這是Solana等列出的區塊鏈獨有的功能。

The SEC’s request comes as the agency moves into a more hands-on phase of its review process.

SEC的要求是隨著代理機構進入其審查過程的更實際階段。

Historically cautious toward crypto-based financial products, the SEC’s willingness to engage on these technical elements signals a possible softening stance toward digital asset ETFs beyond Bitcoin and Ethereum. Market participants are closely watching these developments as a potential inflection point for broader crypto ETF approvals.

SEC願意參與這些技術要素的意願表明，對基於加密貨幣的金融產品持謹慎態度，這表明對比特幣和以太坊以外的數字資產ETF可能會變得柔和的立場。市場參與者正在密切關注這些發展，這是對更廣泛的加密ETF批准的潛在拐點。

According to multiple sources, the SEC plans to review the updated filings and provide feedback within approximately 30 days of receipt. While the formal 240-day review period extends until October 2025, market participants interpret this expedited approach as a signal that the agency may be willing to greenlight Solana ETFs much sooner, possibly by late June or July.

根據多個消息來源，SEC計劃在收到後約30天內審查更新的文件並提供反饋。雖然正式的240天審查期延長至2025年10月，但市場參與者將這種加快方法解釋為信號，表明該機構可能願意更快地綠燈Solana ETF（可能是6月下旬或7月）。

ETF Industry Responds to Accelerated Review

ETF行業對加速評論做出了回應

A growing list of asset managers are competing for a first-mover advantage in the Solana ETF race. Among the current applicants are Grayscale, VanEck, Fidelity, Bitwise, Canary Capital, Franklin Templeton, and 21Shares. This competitive landscape reflects increasing institutional interest in diversifying crypto offerings beyond Bitcoin and Ethereum.

越來越多的資產管理人員競爭了Solana ETF競賽中的第一步優勢。當前申請人包括灰度，瓦內克，富達，位，金絲雀資本，富蘭克林·鄧普頓和21shares。這種競爭性格局反映了在比特幣和以太坊以外的加密產品多樣化的機構興趣。

Market analysts are increasingly optimistic about the likelihood of approval. Bloomberg Intelligence’s James Seyffart now estimates that the SEC could approve the first Solana spot ETFs as early as July 2025, assigning roughly 90% odds to a summer launch. Fellow Bloomberg ETF analyst Eric Balchunas described these developments as potentially ushering in an “altcoin ETF summer,” which may see crypto index funds, staking ETFs, and Solana products spearheading a broader wave of regulated crypto investment vehicles.

市場分析師對批准的可能性越來越樂觀。彭博情報公司的詹姆斯·塞夫特（James Seyffart）現在估計，SEC早在2025年7月就可以批准第一個Solana Spot ETF，這對夏季發布會約90％。彭博ETF分析師埃里克·巴爾庫納斯（Eric Balchunas）將這些發展描述為潛在的“ Altcoin ETF夏季”，該夏季可能會看到加密指數基金，Staking ETF和Solana Products，率先率先進行了更廣泛的監管加密投資工具。

The market reacted positively to the news, with Solana’s price rising approximately 3–5% following initial reports, trading around $163 to $165. This rally underscores investor enthusiasm for increased institutional access to Solana and the potential for heightened demand through regulated ETF products.

市場對新聞有積極的反應，在初始報告後，索拉納的價格上漲了約3-5％，交易約為163美元至165美元。該集會強調了投資者對增加機構訪問Solana的熱情以及通過受監管的ETF產品增加需求的潛力。

Potential Implications for Crypto ETF Landscape

對加密ETF景觀的潛在影響

The SEC’s openness to reviewing staking features within ETF structures represents a notable shift in the regulatory approach to crypto-based financial products. Staking, integral to Solana’s proof-of-stake protocol, allows token holders to earn rewards by participating in network validation. If approved, Solana spot ETFs incorporating staking could provide investors with exposure not only to price movements but also to staking rewards — potentially enhancing yields for long-term holders.

SEC審查ETF結構中的放電功能的開放性代表了基於加密貨幣的金融產品的監管方法的明顯轉變。 Staking（與Solana的商品證明協議不可或缺）允許令牌持有人通過參與網絡驗證獲得獎勵。如果獲得批准，則將其納入積分的索拉納（Solana）現貨ETF不僅可以為投資者提供對價格變動的曝光率，而且還可以為積分獎勵提供曝光，這可能會增加長期持有人的收益率。

However, including staking features also introduces additional regulatory and operational complexities. Questions around custodial arrangements, slashing risks, and tax implications remain areas of active discussion between issuers and regulators.

但是，包括放樣功能還引入了其他監管和操作複雜性。關於保管安排，削減風險和稅收影響的問題仍然是發行人與監管機構之間積極討論的領域。

An accelerated approval could significantly broaden institutional and retail access to Solana, positioning the asset alongside Bitcoin and Ethereum within the growing suite of regulated crypto ETFs. As regulatory frameworks evolve, the Solana ETF review process may serve as a critical test case for future altcoin-based ETFs in the United States.

加速的批准可以顯著擴大機構和零售訪問Solana的機會，並將資產與比特幣和以太坊一起定位在不斷增長的監管加密ETF套件中。隨著監管框架的發展，Solana ETF審查過程可能是美國未來基於Altcoin的ETF的關鍵測試案例。