SEC Issues New Guidelines for Crypto ETPs, Sparking Solana Spot ETP Speculation

The U.S. Securities and Exchange Commission (SEC) has recently issued new guidelines for the disclosure requirements of crypto Exchange-Traded Products (ETPs). This move has sparked speculation among crypto users about the potential launch of a Solana (SOL) spot ETP. On July 1, 2025, the SEC's Division of Corporation Finance published a detailed outline of what issuers need to include in their ETP filings. This includes specifics on how they calculate their Net Asset Value (NAV), select benchmarks, and manage custody practices. Additionally, issuers must disclose all service provider agreements, their governance structure, and any potential conflicts of interest.

The SEC's latest guidance is seen as a significant step towards creating a more structured and predictable oversight process for crypto ETPs. This framework aims to address the lack of clarity that has been a challenge in previous years. The Commission described ETPs as investment products listed and traded on national securities exchanges, representing trusts that hold assets consisting of spot crypto products or derivative instruments referencing crypto assets.

While many in the crypto community view the SEC's new guidelines as a positive development, some have expressed concerns about potential overreach by the Commission. Critics argue that the detailed requirements, such as NAV calculations, custody rules, and governance disclosures, could stifle innovation and mirror the regulatory overreach seen under former U.S. President Joe Biden's administration. Despite these concerns, the current administration's crypto initiatives are seen as positioning the U.S. as a leader in blockchain technology. However, there is a call for market-driven frameworks rather than SEC micromanagement of service provider agreements or benchmark selections.

The SEC has emphasized that its statement is part of ongoing efforts to provide clarity on the application of federal securities laws to crypto assets. This move is seen as a step towards achieving crypto asset ETPs, although some respondents highlight the need for a more balanced approach that fosters innovation while ensuring investor protection. The detailed disclosure requirements are expected to enhance oversight and transparency, potentially paving the way for the approval of a Solana spot ETP in the near future.