VanEck files for JitoSOL ETF, opening pathway to Solana staking rewards

VanEck just dropped an S-1 filing with the SEC for the first-ever US ETF backed by a liquid staking token—JitoSOL. This fund holds only JitoSOL, letting investors tap into Solana staking yields through a regulated product. JitoSOL is basically locked SOL that earns rewards and stays transferable, aka liquid staking on steroids.

This move is part of VanEck's crypto expansion playbook, following their spot Bitcoin ETF in early 2024 and Ether ETF later that year. But this time, it's a direct test of the SEC's stance on staking—no holds barred.

VanEck's filing comes hot on the heels of a July 31 letter from Jito Labs and Jito Foundation to the SEC, backed by heavyweights like VanEck, Bitwise, Multicoin Capital, and Solana Policy Institute. They argued that liquid staking tokens are safer and more efficient for ETPs, spreading stakes across validators and cutting operational mess. They pointed to SEC guidance saying most staking isn't a securities transaction, framing JitoSOL as rule-compliant.

The SEC's guidance has two parts: In May, staff said solo and delegated staking are outside securities laws because rewards are protocol-set, not third-party controlled. In August, they extended this to liquid staking, calling tokens like JitoSOL evidence of ownership, not investment contracts—as long as providers don't exert discretionary control.

But here's the catch: these are just staff statements, not binding laws. The SEC or courts could flip the script anytime. Remember February 2023? The SEC slapped Kraken with a $30M settlement for unregistered staking, shutting down their US service. They sued Coinbase too, but that case got dismissed in February 2025.

The SEC also flexed on staking via ETF approvals. When they greenlit spot Ether ETFs in May 2024, issuers had to strip all staking references—so funds like BlackRock, Fidelity, Grayscale, and VanEck's hold ETH raw, no staking allowed.

Caption: US spot Ether ETFs. Source: TradingView