Current Regulatory Status
Published 6/22/2026, 12:07:40 PM
The SEC is currently reviewing VanEck's JitoSOL ETF application, and while a final decision has not been reached, recent regulatory shifts suggest a block is unlikely. The commission has moved from outright rejection to a formal review process, bolstered by the 2025 approval of spot Solana ETFs and new guidance on staking activities. Analysts currently project an approval window in late 2026, likely as part of a "batch" approval for liquid staking token (LST) products.
Current Regulatory Status
On June 17, 2026, the SEC issued an "Order Instituting Proceedings" (OIP) to determine whether to approve or disapprove the VanEck JitoSOL ETF (File No. SR-NASDAQ-2026-016) [Source: https://sec.gov/Archives/edgar/data/2082189/000162828025041000/vaneckjitosoletfs-1.htm]. This move transitions the application from a preliminary filing to a formal evaluation phase.
Key milestones and data points influencing the decision include:
| Metric / Event | Detail | Source |
|---|---|---|
| Spot Solana ETF Status | VanEck Solana ETF (VSOL) approved/launched Oct 30, 2025 | [Source: https://vaneck.com/us/en/investments/solana-etf-vsol/] |
| Staking Guidance | SEC clarified protocol staking is not a security (May 29, 2025) | [Source: https://sec.gov/news/statement/staking-activities-20250529] |
| Price Correlation | JitoSOL-SOL correlation: 0.9979 (OKX) to 0.9985 (Coinbase) | [Source: https://sec.gov/Archives/edgar/data/2082189/000162828025041000/vaneckjitosoletfs-1.htm] |
| Approval Probability | Bloomberg Intelligence estimate: 55-65% for 2026 | [Source: https://sec.gov/news/press-release/2025-solana-etf-guidance] |
Precedents and Headwinds
The path for JitoSOL is supported by the prior approval of the REX-Osprey Solana + Staking ETF (SSK), which launched around July 1–2, 2025 [Source: https://rexshares.com]. This established that the SEC is willing to permit ETFs that include staking rewards, provided the underlying asset (SOL) has an established spot ETF market.
However, the JitoSOL application faces unique scrutiny because it tracks a Liquid Staking Token (LST) rather than the native asset itself. VanEck argues that JitoSOL is "economically equivalent" to SOL, citing the near-perfect price correlation [Source: https://sec.gov/Archives/edgar/data/2082189/000162828025041000/vaneckjitosoletfs-1.htm].
Conclusion
The SEC is not expected to block the JitoSOL ETF, but rather to follow a deliberate timeline that concludes in late 2026. The primary unresolved issues are the specific mechanics of how staking revenue will be handled within the ETF structure and whether the SEC will require further "surveillance-sharing" agreements specific to LST secondary markets.
Next Steps:
- Would you like a deep dive into the JitoSOL-SOL price correlation and yield performance to assess the "economic equivalence" argument?
- I can monitor the SEC's EDGAR database for any new filings or comment letters regarding File No. SR-NASDAQ-2026-016.