REX Shares seems to be getting ready to launching a staked Solana ETF after receiving a key response from the US Securities and Trade Fee (SEC).
On June 27, the agency wrote the regulator to substantiate whether or not it had resolved all considerations associated to its proposed Solana and EtheEthereum staking ETFs.
SEC Clears Means for First Staked Solana ETF as REX Shares Readies Launch
The SEC responded with out additional feedback, sparking optimism {that a} launch may very well be close to.
Business analysts consider this might permit REX Shares to launch the nation’s first crypto ETF that tracks staking rewards on the Solana blockchain.
Bloomberg ETF skilled Eric Balchunas indicated that the SEC’s lack of objections is critical. In response to him, which means that the proposal will probably obtain approval quickly.
“Rex also filed an updated prospectus, which totally filled in. Add it all up and it appears as though all systems go for imminent launch. $SSK is the ticker,” Balchunas mentioned.
Apparently, REX Shares has begun advertising the product because the first-ever staked crypto ETF within the US. In response to the agency, the product will observe Solana’s efficiency whereas producing yield by means of on-chain staking.
It must be famous that the SEC has but to subject a proper approval for the product.
If permitted, this may place the agency to be the primary to supply a staking-based crypto ETF, forward of opponents nonetheless pursuing spot Solana merchandise.
In the meantime, Nate Geraci, president of ETF Retailer, identified that such a transfer may function a catalyst for the business. He famous that this may occasionally encourage different candidates to discover staked crypto choices.
“Looks like they believe comments have been resolved…Crypto ETF summer commences,” he added.
This growth follows the SEC’s notable regulatory progress final month. On the time, the company acknowledged that staking fashions alone don’t routinely fall beneath securities legal guidelines.
It additionally clarified that further options similar to bundled providers or early redemption choices don’t essentially alter that standing.
Because of this, this steerage has inspired a number of asset managers to revisit their ETF methods.
Many have now submitted new proposals targeted on income-generating digital property.
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