So, guess what? Franklin Templeton has decided to throw their hat in the ring and create a Solana ETF with staking options. Because, you know, why not? Earlier this month, they also filed for a Solana Trust, and today’s proposal is just them saying, “Hold my drink!”
Right now, any ETF staking activity would be under Franklin Templeton’s watchful eye. But let’s not forget, previous attempts to establish a staking ETF in 2024 were about as successful as a cat trying to swim. But hey, this new attempt is like that determined little engine that could!
Will the SEC Approve a Solana ETF?
Since President Trump took office in January, the chances of a Solana ETF getting the green light seem to be rising faster than my blood pressure during tax season. The SEC has been acknowledging a flurry of applications, and most Polymarket users are betting on approval in 2025. Spoiler alert: they might be right!
But wait, Franklin Templeton is not just stopping at the ETF; they’re going for the whole shebang with staking. Because who doesn’t love a little extra risk?
“The Sponsor may, from time to time, stake a portion of the Fund’s assets through one or more trusted staking providers, which may include an affiliate of the Sponsor (“Staking Providers”). In consideration for any staking activity in which the Fund may engage, the Fund would receive certain staking rewards of Solana tokens, which may be treated as income,” the SEC filing reads. Sounds fancy, right?
Just to clarify, the “Sponsor” is Franklin Templeton, and they’ll have total control over the staking process and rewards. So, it’s not decentralized at all, but hey, it’s a novel idea in the ETF world. Novelty is key, right?
Oh, and let’s not forget, Franklin Templeton filed for a Solana Trust back in February. Today’s ETF is just them building on that earlier application like a toddler stacking blocks. Last year, several issuers tried to create a staking Ethereum ETF, but all those proposals were withdrawn faster than you can say “crypto crash.”
But, political conditions are looking a bit different in 2025. Who knew?
Just last week, the SEC’s Crypto Task Force had a little chit-chat with industry leaders about ETP staking. These discussions were more general than a staking ETF specifically, but the Task Force is still chatting with other crypto firms. So, there’s that!
Additionally, Task Force leader Hester Peirce is out there asking for more feedback from the crypto industry. Because, you know, they really want to know what we think. How sweet!
If Franklin Templeton manages to create a Solana staking ETF, it could give a much-needed boost to the underlying asset. SOL has had a rough month, and let’s be real, there are few signs of a price recovery. But who doesn’t love a good underdog story?
Ultimately, though, there’s no solid proof that the Commission will play nice with this request. The Task Force’s recent meeting only focused on ETP staking, and that’s the most bullish signal for Franklin Templeton. Fingers crossed, right?
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2025-02-22 03:42