Global asset manager Vaneck has filed an S-1 registration declaration with the US Securities and Exchange Commission (SEC) to launch the Vaneck Jitosol Exchange Traded Fund (ETF). According to the file, this fund will only hold Jitosol, the liquid layoff token issued by Jito Network.
The submission marks the first attempt to register a negotiated American stock market fund supported by a liquid shiny token, potentially exposing investors to Solana stimulation yields via a regulated product. Jitosol represents Solana (soil) locked with validators while providing a transferable token that accumulates rewards, a process known as liquid stake.
The product would extend Vaneck’s expansion to digital asset funds, after its Bitcoin ETF spot launched in early 2024 and Ether ETF earlier that year. Unlike these vehicles, ETF jitosol could test the position of the dry on the clears.
The dry continues to debate a stake
Vaneck’s move comes after Jito Labs and the Jito Foundation co-wrote a letter to the SEC on July 31, urging regulators to allow liquid shiny tokens like jitosol to be included in negotiated products on the stock market, with the support of Vaneck, Bitwise, Multicoin Capital and Solana Policy Institute.
In the letter, the groups argued that the liquid toilets provide a safer and more effective means of integrating the implementation of exchanged products (FTE), propagation of participation between validators and reducing operational complexity. They pointed out that the available dry directives indicating that most of the forms of development do not constitute transactions in securities, supervising the liquid implementation tokens as in accordance with existing rules.
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These advice came in two parts. In May, the SEC staff published a statement saying that the solo and the delegated milestone are generally not outside the securities laws because the rewards are fixed by the protocol rather than by a third party.
In August, the agency extended the point of view of the features of liquids, describing reception tokens such as jitosol as proof of property rather than investment contracts – provided that the supplier does not exercise discretionary control.
However, the comments of the SEC are personnel declarations rather than restrictive rules, which means that they do not bear the force of law and could be reinterpreted by the Commission or the Courts.
The posture of the dry on the clears has evolved considerably in the past. In February 2023, the agency billed Crypto Exchange Kraken for proposing an unregistered fee program, resulting in a regulation of $ 30 million and the closure of its cleansing service in the United States. Later that year, the agency continued Coinbase for similar allegations. This case was rejected in February 2025.
Beyond the application measures, the SEC also shaped the implementation policy through the FNB approval process. When the agency approved the ETF ETF ETF in May 2024, the issuers initially offered the possibility of putting the ether (ETH) owned by the funds. The SEC demanded that all references to the implementation be deleted before approval.
Consequently, the ETHE Ether was launched last year from issuers such as Blackrock, Fidelity, Grayscale and Vaneck Hold ETH only and do not engage in the markup.
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