The global asset management firm VanEck has submitted an S-1 registration statement to the US Securities and Exchange Commission (SEC) for the VanEck JitoSOL exchange-traded fund (ETF). The filing indicates that this fund will exclusively hold JitoSOL, a liquid staking token from Jito Network.
This submission marks the first effort to register a US ETF that is supported by a liquid staking token, potentially offering investors Solana’s staking yields through a regulated vehicle. JitoSOL symbolizes Solana (SOL) locked with validators while offering a transferable token that earns rewards, known as liquid staking.
This initiative would further VanEck’s growth in digital asset funds, following the launch of its spot Bitcoin ETF in early 2024 and an Ether ETF earlier in the year. Unlike those investment products, the JitoSOL ETF may challenge the SEC’s views on staking.
SEC continues to debate staking
VanEck’s action follows a joint letter from Jito Labs and the Jito Foundation to the SEC on July 31, urging regulators to allow liquid staking tokens like JitoSOL in exchange-traded products, with backing from VanEck, Bitwise, Multicoin Capital, and the Solana Policy Institute.
In their letter, the groups contended that liquid staking tokens offer a safer and more efficient method to incorporate staking into exchange-traded products (ETPs), distributing stakes across validators and minimizing operational difficulties. They cited existing SEC guidance suggesting that most forms of staking do not equate to securities transactions, positioning liquid staking tokens as aligned with current regulations.
The SEC’s guidance has been delivered in two segments. In May, the agency’s staff published a statement indicating that solo and delegated staking generally does not fall within securities laws since rewards are determined by the protocol itself, not a third party.
In August, the agency expanded this perspective to liquid staking, characterizing tokens such as JitoSOL as proof of ownership rather than investment contracts—assuming the provider does not exercise discretionary control.
However, the SEC’s comments are merely staff statements and lack the force of law, and could be reinterpreted by the Commission or courts.
The SEC’s stance on staking has significantly changed over time. In February 2023, the agency charged crypto exchange Kraken for facilitating an unregistered staking program, which resulted in a $30 million settlement and the termination of its US staking operations. Later that year, the agency took legal action against Coinbase for similar charges. That lawsuit was dismissed in February 2025.
In addition to enforcement actions, the SEC has influenced staking policy through the ETF approval process. When the agency approved spot Ether ETFs in May 2024, issuers initially suggested including options to stake Ether (ETH) held by the funds. The SEC mandated the removal of all references to staking prior to granting approval.
US spot Ether ETFs. Source: TradingView
Consequently, the Ether ETFs launched last year by issuers including BlackRock, Fidelity, Grayscale, and VanEck hold only ETH and do not participate in staking.
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