Solana News Today: VanEck Challenges SEC to Embrace Blockchain Yield in Regulated Form

VanEck and Jito have filed the first U.S. exchange-traded fund (ETF) backed by a liquid staking token, JitoSOL, marking a potential milestone in the evolution of regulated crypto investment products. The asset manager submitted an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) for the VanEck JitoSOL ETF, which would hold only JitoSOL tokens. These tokens represent staked Solana (SOL) and accrue staking rewards, effectively offering investors exposure to both the price movement of SOL and the yield generated through staking [1].

This initiative represents a novel approach to integrating blockchain-native yield mechanisms into traditional investment structures. Unlike conventional crypto ETFs that merely track the price of an underlying asset, the JitoSOL ETF would allow investors to capture staking rewards without needing to manage the technical aspects of staking themselves. The product is part of VanEck’s broader expansion into digital asset markets, following the firm’s success with the first U.S. spot Bitcoin and Ether ETFs in 2024 [1].

The filing aligns with ongoing regulatory discussions regarding the integration of staking mechanisms into ETFs. SEC Chair Paul Atkins recently emphasized the need for updated rules that can accommodate innovations in the crypto space, including staking. “There’s a lot of spring cleaning that needs to be done at the SEC,” Atkins stated at an industry panel in Jackson Hole, signaling a more flexible and adaptive approach to future regulations [1]. This comes after the SEC issued non-binding guidance in May and August 2025, indicating that most forms of staking do not constitute securities transactions, and that liquid staking tokens can be viewed as evidence of ownership rather than investment contracts, provided the provider does not exert discretionary control [2].

The filing also follows a collaborative effort led by Jito Labs and the Jito Foundation, who co-authored a letter with VanEck and other industry participants urging the SEC to permit liquid staking tokens in ETPs. The letter argued that such tokens offer a safer and more efficient means of integrating staking into regulated investment vehicles, particularly by distributing stakes across multiple validators and reducing operational complexity [2]. However, despite the SEC’s recent guidance, the agency has not yet issued binding rules, leaving room for potential legal or regulatory challenges.

The broader market context for this filing is also noteworthy. Solana has seen significant institutional interest, with digital asset products on the platform crossing $1 billion in year-to-date inflows as of mid-August 2025. Additionally, Solana’s total value locked (TVL) reached $10.35 billion, placing it third in the DeFi ecosystem behind Bitcoin and Ethereum [4]. These developments reflect growing confidence in Solana as a high-performance blockchain and a viable investment asset.

The approval or rejection of the JitoSOL ETF will likely have implications beyond VanEck’s own product. Several other major asset managers, including Fidelity, Grayscale, and Franklin Templeton, have also expressed interest in launching staked Solana funds [1]. The outcome of the filing will serve as an important indicator of the SEC’s willingness to embrace innovative financial products that blend traditional investing with blockchain-based yield mechanisms.

Source:

[1] JitoSOL ETF News: VanEck Files to Launch Staked Solana (https://www.coindesk.com/markets/2025/08/22/vaneck-aims-to-take-solana-s-liquid-staking-to-tradfi-investors-via-jitosol-etf)

[2] VanEck files first US liquid staking ETF with JitoSOL (https://cointelegraph.com/news/vaneck-jitosol-etf-submission-sec)

[3] New crypto ETFs offer leveraged bets on XRP and Solana (https://cryptoslate.com/tidal-trust-ii-files-with-sec-for-leveraged-xrp-and-solana-etfs)

[4] Solana News: Network Smashes 100K TPS, SEC Gives New (https://finance.yahoo.com/news/solana-news-network-smashes-100k-172422414.html)