BlockBeats reports that on June 11, according to Blockworks citing three insiders, the U.S. Securities and Exchange Commission (SEC) has requested potential Solana ETF issuers to submit revised S-1 filings within the coming week. Two of the sources added that the SEC indicated it will provide feedback within 30 days after the submission of the S-1 filings.

The insiders revealed that the SEC has asked issuers to update terms related to in-kind redemptions and how staking is handled, noting that the SEC appears to be open to including staking in the Solana ETF. One source estimated that these updates could enable the Solana ETF to be approved within three to five weeks. Bloomberg Intelligence analyst James Seyffart told Blockworks that he expects the Solana ETF could be approved this year, possibly as early as July.

In a report this week, Seyffart wrote: "We believe the SEC may process the 19b-4 filings for Solana and staking ETFs earlier than originally planned. Issuers and industry participants have likely been working with the SEC and its crypto team to develop relevant rules, but the deadline for the SEC to make a final decision on such applications is by October this year at the latest."