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Investment managers REX Financial and Osprey Funds may soon introduce the first staked Ethereum (ETH) and Solana (SOL) ETFs for American investors, following a new development in their regulatory process.

As pointed out by Bloomberg’s senior ETF analyst Eric Balchunas, the SEC told the funds’ issuers in a June 27 statement that it had “no further comments” on the filings.

“Rex also filed an updated prospectus, which totally filled in. Add it all up, and it appears as though all systems go for imminent launch,” Balchunas wrote in an X post on Friday.

Rex Shares and Osprey Funds submitted paperwork with the SEC in May to launch staked SOL and ETH ETFs, proposing ETF structures that would allow the funds to hold and stake the two crypto assets and distribute stake rewards to shareholders.

However, their application was flagged by the SEC shortly afterward, with the agency asserting that its staff had unresolved questions around whether the funds would qualify for issuance under existing rules due to their unique C-corporation business structure. But according to the Friday filing, it seems those questions have been fully resolved.

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“Here’s the SEC saying it has no further comments, so they are good to launch it looks like. Wow,” said Balchunas.

REX and Osprey have also indicated readiness to roll out these products. A newly released “Coming Soon” campaign prominently features the forthcoming staked ETH and SOL ETFs on their website. They will be listed by Cboe BZX and will trade under the tickers ESK for the ETH staking ETF and SSK for the SOL staking ETF.

ETF Store president Nate Geraci observed in a post on X that it looks like the Securities and Exchange Commission is open to REX Shares’ clever C-corp business structure used in the fund, which the SEC previously contended conflicts with the 6C-11 rule (also known as “the ETF rule”).

“Looks like they’re comfortable pushing forward w/ their creative ‘40 Act structure,” Geraci said. “Here we go,” he postulated.

With this unique structure, staking distributions to holders will be taxed within the fund before being distributed to holders as dividends.

Echoing Geraci’s view, Bloomberg’s James Seyffart previously noted that the way Rex Shares and Osprey Funds structured their SOL staking ETF proposal was “very rare in the ETF world” as it bypasses the typical 19b-4 filing process that most crypto ETF issuers have used for staking proposals.

Around seven asset managers are currently vying to launch a spot Solana ETF in the US, and the Bloomberg analysts peg the odds of the SOL funds securing the regulatory nod by the end of 2025 at 95% amid positive engagement with the SEC.