VanEck has submitted an S-1 registration statement to the SEC to launch the VanEck JitoSOL ETF, which will exclusively hold JitoSOL, a liquid staking token from Jito Network. This represents the first effort to establish an ETF in the US backed by a liquid staking token, offering potential exposure to Solana's staking yields through a regulated avenue. JitoSOL allows for transferring tokens that accumulate rewards while being locked with validators, exemplifying the concept of liquid staking. This initiative follows a call from Jito Labs and other organizations urging regulators to allow liquid staking tokens in exchange-traded products, arguing that they provide a more efficient staking integration. While the SEC has issued guidance suggesting that staking is not generally considered a security transaction, its informal nature means it could be subject to reinterpretation. The SEC's approach to staking has shifted significantly in recent years, as evidenced by enforcement actions against staking programs by platforms like Kraken and Coinbase. Unlike previous ETFs, the JitoSOL ETF could test the SEC's position regarding staking within ETFs.

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