Can I change my status if I'm holding the E-1 VISA?

I have an E-1 VISA for 3 years, and recently I strongly feel I should try to apply a green card. I just read the form I-485 and it says "E-1 VISA is not eligible to file I-485, unless you file I-508". First of all, if I file I-508, what does it waive? Is it gonna affect my legal status in US? Second, if this is a proper way to go, how long does it take to get a green card? Finally, if it's not gonna work, what else solutions do I have? Apply other VISAs?

Answer:
yes

"17. Can I apply for Green Card while on E-1 visa?

Yes, you may apply for Green Card while in the U.S. through the following options:

• Family Based Immigration: If you have close relatives who are U.S. citizens or U.S. permanent residents, the relatives may file an immigration petition for you as the beneficiary

• Employment Based Immigration (Labor Certification): You can attain immigrant status through employment-based immigration. You may find an employer who is willing to file a Labor Certificate for you with the DOL

• EB-1: You may also file an immigration petition based on the classification of 'Alien of Extraordinary Ability' - EB-1(A) or 'Multinational Executive or Manager' - EB-1(C)

• National Interest Waiver: You can also file an immigration petition through a National Interest Waiver (NIW). National Interest Waivers are available to foreign nationals who are seeking work in a profession and who have an advanced degree (or equivalent experience) or can prove themselves as 'aliens of exceptional ability' "

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