The U.S. Securities and Exchange Commission (SEC) has requested that Solana ETF issuers submit amended S-1 filings within the next week, signaling progress in the review process, Blockworks reported Tuesday, citing three sources familiar with the matter.

One source indicated that the requested revisions could accelerate approval timelines, with the first Solana ETF potentially gaining clearance within three to five weeks. Two sources noted that the SEC intends to provide feedback on the S-1 forms within 30 days of their submission. The agency has asked for updates to language concerning in-kind redemptions and staking mechanisms—suggesting a growing openness to incorporating staking into ETF structures.

Firms including Grayscale, VanEck, 21Shares, Canary Capital, Bitwise, and Franklin Templeton are currently seeking SEC approval for Solana-based ETFs. Bloomberg analysts Eric Balchunas and James Seyffart place the likelihood of approval for both Solana and Litecoin ETFs in 2025 at 90%.

Seyffart recently noted that the SEC may expedite its review of 19b-4 filings for Solana and staking-related ETFs. He added that issuers and industry stakeholders are likely collaborating with the SEC and its crypto-focused working group to finalize regulatory details.

The SEC previously delayed a decision on Grayscale’s Solana ETF proposal, stating it had not yet reached a conclusion on the 19b-4 filing to list the product. Grayscale is aiming to convert its existing SOL Trust into a spot ETF, as it has done with Bitcoin and Ethereum.

Following the news, Solana (SOL) rose 4%, nearing $165, according to TradingView.