美国证券交易委员会（SEC）已正式要求寻求启动Solana（SOL）现货交易所交易基金（ETFS）提交更新的注册文件的公司

美国证券交易委员会（SEC）已正式要求寻求启动Solana（SOL）现货交易所交易基金（ETFS）提交更新的注册文件的公司

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.

美国证券交易委员会（SEC）已要求寻求启动Solana（SOL）现货交易所交易资金（ETF）的公司在下周提交最新的注册文件。

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.

该机构专门要求对S-1注册声明进行修正，以解决关键要素，包括实物重新申请以及围绕堆积机制的详细披露，这是Solana等列出的区块链独有的功能。

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

SEC的要求是随着代理机构进入其审查过程的更实际阶段。

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愿意参与这些技术要素的意愿表明，对基于加密货币的金融产品持谨慎态度，这表明对比特币和以太坊以外的数字资产ETF可能会变得柔和的立场。市场参与者正在密切关注这些发展，这是对更广泛的加密ETF批准的潜在拐点。

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.

根据多个消息来源，SEC计划在收到后约30天内审查更新的文件并提供反馈。虽然正式的240天审查期延长至2025年10月，但市场参与者将这种加快方法解释为信号，表明该机构可能愿意更快地绿灯Solana ETF（可能是6月下旬或7月）。

ETF Industry Responds to Accelerated Review

ETF行业对加速评论做出了回应

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.

越来越多的资产管理人员竞争了Solana ETF竞赛中的第一步优势。当前申请人包括灰度，瓦内克，富达，位，金丝雀资本，富兰克林·邓普顿和21shares。这种竞争性格局反映了在比特币和以太坊以外的加密产品多样化的机构兴趣。

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.

市场分析师对批准的可能性越来越乐观。彭博情报公司的詹姆斯·塞夫特（James Seyffart）现在估计，SEC早在2025年7月就可以批准第一个Solana Spot ETF，这对夏季发布会约90％。彭博ETF分析师埃里克·巴尔库纳斯（Eric Balchunas）将这些发展描述为潜在的“ Altcoin ETF夏季”，该夏季可能会看到加密指数基金，Staking ETF和Solana Products，率先率先进行了更广泛的监管加密投资工具。

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.

市场对新闻有积极的反应，在初始报告后，索拉纳的价格上涨了约3-5％，交易约为163美元至165美元。该集会强调了投资者对增加机构访问Solana的热情以及通过受监管的ETF产品增加需求的潜力。

Potential Implications for Crypto ETF Landscape

对加密ETF景观的潜在影响

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审查ETF结构中的放电功能的开放性代表了基于加密货币的金融产品的监管方法的明显转变。 Staking（与Solana的商品证明协议不可或缺）允许令牌持有人通过参与网络验证获得奖励。如果获得批准，则将其纳入积分的索拉纳（Solana）现货ETF不仅可以为投资者提供对价格变动的曝光率，而且还可以为积分奖励提供曝光，这可能会增加长期持有人的收益率。

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，包括放样功能还引入了其他监管和操作复杂性。关于保管安排，削减风险和税收影响的问题仍然是发行人与监管机构之间积极讨论的领域。

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.

加速的批准可以显着扩大机构和零售访问Solana的机会，并将资产与比特币和以太坊一起定位在不断增长的监管加密ETF套件中。随着监管框架的发展，Solana ETF审查过程可能是美国未来基于Altcoin的ETF的关键测试案例。