Franklin Templeton, Galaxy Digital, Grayscale, VanEck, and Fidelity have submitted updated S-1 documents for Solana spot ETFs, signaling potential progress in regulatory approval. The SEC has requested updates on physical redemption and pledge mechanisms, indicating a possible shift in its stance towards Solana ETFs. This development suggests that Solana spot ETFs could launch within two to four months. While the SEC has approved spot ETFs for Bitcoin and Ethereum, it remains cautious about other tokens. However, Solana's prospects appear favorable, especially with the recent launch of Solana futures by CME, which may align with a more receptive regulatory environment.