The US Securities and Exchange Commission has asked prospective Solana ETF issuers to submit amended S-1 forms within the next week, three sources with knowledge of the matter told Blockworks. The agency told issuers it would make comments on the S-1s within 30 days of their submission, two sources added. The SEC asked issuers to update language surrounding in-kind redemptions and how issuers would approach staking, the sources said, adding that the agency appears open to including staking as part of Solana ETFs. One source estimated these updates could put Solana ETFs on track to be approved within three to five weeks. Bloomberg Intelligence’s James Seyffart told Blockworks that he’s eyeing approval this year, possibly as soon as July. “We think the SEC may now focus on handling 19b-4 filings for Solana and staking ETFs earlier than planned. Issuers and industry participants likely have been working alongside the SEC and its crypto task force to hash out rules, but the final deadlines for the agency’s decisions on such applications aren’t until October,” Seyffart wrote in a note this week. Crypto exchange-traded products are regulated funds that give investors exposure to the spot price of underlying crypto tokens. Numerous issuers are vying for Solana ETFs, including Fidelity, Franklin Templeton, VanEck, Bitwise, Canary Capital, 21Shares and Grayscale. The SEC, VanEck, Fidelity, and Bitwise declined to comment. Canary Capital, 21Shares, Grayscale, and Franklin Templeton didn’t immediately return requests for comment. Grayscale, in a similar move to its bitcoin and ethereum ETFs, is looking to convert its SOL Trust into a spot ETF. Last month, the SEC delayed a decision on Grayscale’s Solana ETF, saying it hadn’t “reached any conclusions” on the 19b-4 filing to list the proposed spot ETF. The regulator officially recognized Grayscale’s filing in February. That month, Bloomberg analyst James Seyffart acknowledged the move as “significant” because the SEC had previously “refused” to acknowledge such filings. “We are under the assumption that most, if not all [filings for crypto ETFs] will be approved this year, some possibly earlier than others,” he said at the time. Seyffart noted that both the filings for Solana and XRP ETFs have derivatives-based ETFs already, which paves the way for spot approval. “So I would just be absolutely and utterly stunned if the SEC does something to not allow a spot XRP or spot Solana ETF to launch,” he added. In April, Bloomberg Intelligence analyst Eric Balchunas said that they were boosting the chance of a SOL ETF to 90% from 70%. Loading Tweet..