The SEC’s anticipated decision on a Solana liquid-staking ETF will not proceed as scheduled after Nasdaq withdrew the proposal on October 14, removing the November 15 regulatory deadline. The U.S. Securities and Exchange Commission will no longer face a November 15, 2026, decision deadline for VanEck’s proposed JitoSOL exchange-traded fund after Nasdaq withdrew the underlying listing application last month. The SEC’s official rulemaking docket confirms that the proposed rule change, filed under SR-NASDAQ-2026-016, was withdrawn on October 14, effectively ending the regulatory review process associated with the November deadline.
The original deadline had been established on September 9, when the Commission extended its review period by an additional 60 days under Section 19(b)(2) of the Securities Exchange Act of 1934. That extension required the regulator to approve or disapprove the proposed listing by November 15. However, the subsequent withdrawal means the previously announced deadline no longer applies. The development is significant because VanEck’s proposed fund was designed to provide exposure to JitoSOL, a liquid-staking token representing staked Solana and associated staking rewards, rather than simply tracking the price of SOL.
SEC Previously Extended JitoSOL ETF Review to November 15
Nasdaq originally submitted the proposed rule change on March 10, 2026, seeking permission to list and trade shares of the VanEck JitoSOL ETF under Nasdaq Rule 5711(d), which governs commodity-based trust shares. The SEC published the proposal for public comment on March 20 before extending its initial review period on May 1. On June 17, the Commission initiated formal proceedings to determine whether the application should be approved or rejected, citing legal and policy questions surrounding the proposed listing.
Under the statutory review framework, regulators generally have 180 days from publication to issue a final decision, with an additional 60-day extension permitted when justified. The SEC exercised that extension in September, moving the final deadline from September 16 to November 15. A central regulatory consideration involved JitoSOL’s eligibility under the exchange’s commodity-based trust listing standards.
Unlike conventional Solana investment products, JitoSOL represents participation in a liquid-staking arrangement, introducing additional considerations involving staking rewards, token redemption and the underlying protocol infrastructure. The SEC’s review process did not establish that the product was legally prohibited or that its underlying assets failed securities-law requirements.
Filing Withdrawal Removes Immediate Regulatory Catalyst
The October 14 withdrawal changes the regulatory outlook by eliminating the pending decision associated with the original Nasdaq filing. Importantly, withdrawal is not equivalent to SEC rejection. It means the specific proposal is no longer proceeding through the review process established under that application. The regulator’s public docket does not establish that the withdrawal resulted from an adverse determination concerning JitoSOL itself. VanEck could potentially pursue a different regulatory route or submit another application, subject to applicable listing and securities requirements.
The distinction matters for Solana investors because a liquid-staking ETF would offer a different exposure profile from an ordinary spot SOL fund. Liquid-staking tokens can reflect accumulated staking rewards while also introducing risks related to validator operations, smart contracts, liquidity and redemption mechanisms. The proposed structure would therefore require investors to evaluate more than movements in Solana’s market price. For now, November 15 should not be treated as an upcoming SEC approval catalyst for the VanEck JitoSOL ETF. Any future launch would depend on a valid regulatory pathway and the relevant registration, listing and operational requirements being satisfied.
