According to SolanaFloor, Jito Labs, Bitwise, Multicoin Capital, VanEck, and the Solana Policy Institute submitted an open letter to the US Securities and Exchange Commission (SEC) on July 31st, proposing the adoption of Liquidity Staking Tokens (LSTs) as a collateral mechanism in exchange-traded products (ETPs). The proposal specifically addresses the eight Solana ETF applications submitted in June of this year and an additional application submitted on June 25th.