According to Blockworks, the U.S. Securities and Exchange Commission (SEC) has asked issuers of spot Solana ETFs to update their S-1 filings — a move interpreted by experts as a signal that approval might be closer than expected.

SEC Requests Updates: A Green Light Ahead?

The SEC’s request came shortly after delays in processing applications from major firms such as Bitwise and 21Shares. While no altcoin spot ETFs have been approved yet, there is growing optimism that Solana, XRP, and others could soon follow in the footsteps of Bitcoin and Ethereum.

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This regulatory step suggests that momentum is building. Bloomberg senior ETF analyst Eric Balchunas predicts that approvals may occur within the next two to four months.

A Potential Launch in July?

Balchunas speculates that a basket of spot products — including Solana, XRP, Ethereum, and Bitcoin — could launch as early as July.

“There will be an avalanche of spot products. The impact won’t be as large as Bitcoin’s, but a billion-dollar inflow for Solana or XRP would be significant,” Balchunas told.

Following the news, Solana’s price spiked by 4%, from $158 to $164. Companies exposed to Solana, like DeFi Development Corp., saw a 17% increase in stock prices, while SOL Strategies shares rose by 8.4%, according to Nasdaq data.

All eyes now turn to the SEC’s next move — a decision that could reshape the altcoin investment landscape.

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SEC Declares Protocol Staking Is Not a Securities Transaction

In a May 29 announcement, the SEC’s Division of Corporation Finance stated that protocol staking activities on proof-of-stake blockchains “do not require registration under the Securities Act.” This means that staking, as a blockchain function, is not considered a securities offering.

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Alison Mangiero, head of staking policy at the Crypto Council for Innovation, called the development a “major step forward” for the crypto industry. “The SEC has now recognized what we’ve long argued — staking is fundamental to blockchain operation, not an investment contract,” she said.

Path Opens for Staking ETFs

The industry has long demanded clearer staking regulations. In April, the Proof of Stake Alliance submitted a detailed letter to the SEC, explaining that both custodial and non-custodial staking services are distinct from traditional investment contracts.

While the SEC recently delayed its decision on Bitwise’s Ether ETH staking ETF, analysts believe this guidance significantly improves the likelihood of approval by late 2025.

A Notable Shift in Regulatory Tone

This guidance reflects a shift away from the SEC’s previous enforcement-heavy stance. Marcin Kazmierczak of RedStone described it as an “evolutionary step,” noting that the foundation is being laid for a more structured and inclusive regulatory framework.

Since January, the SEC’s dedicated Crypto Task Force — led by Commissioner Hester Peirce — has been working on regulatory reports expected in the coming months.

Mangiero concluded, “We’ve consistently argued staking is not an investment — it’s how blockchains function. This guidance is meaningful recognition of that fact.”

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