Online reported that three people familiar with the matter said that the U.S. Securities and Exchange Commission (SEC) has asked potential Solana ETF issuers to file revised S-1 forms within next week. Two of the sources added,"The agency informed the issuer that it would comment on the S-1 document within 30 days of its submission. The SEC asked issuers to update language on physical redemption and how issuers handle pledges, adding that the agency appears willing to include pledges as part of the Solana ETF." Another source estimated that the updates could put the Solana ETF on track to be approved within three to five weeks. James Seyffart of Bloomberg Industry Research said he expected approval this year, possibly as early as July. Seyffart wrote in a report this week,"We believe the SEC may now focus on processing Solana's 19b-4 filings and pledged ETFs earlier than planned. Issuers and industry participants may have been working with the SEC and its cryptocurrency working group to develop rules, but the agency's deadline for making decisions on such applications is not until October."