In a significant development, the U.S. Securities and Exchange Commission (SEC) has rejected Cboe BZX's 19b-4 filings for two prospective spot Solana ETFs, according to a source familiar with the situation. The 19b-4 filings are submitted by exchanges, such as Cboe, on behalf of ETF issuers, and if placed in the Federal Register, they start the clock on the SEC's approval process.
Key Highlights:
While 21Shares has stood back on its S-1 form, which is filed by issuers and doesn't result in any deadlines, VanEck's S-1 form remains active. Matthew Sigel, VanEck's head of research, has stated that the company remains committed to the Solana ETF.Despite this setback, the 19b-4 rejections could potentially be refiled or amended in the near future to include stronger language arguing that Solana is not a security. Audrey Belloff, head of communications at 21Shares, stated that the company remains committed to expanding investor access to cryptocurrencies in the U.S. and around the world.
- However, the SEC's rejection of the 19b-4 forms means they never made it to the Federal Register and haven't started the process toward a potential approval or denial. This decision follows conversations between the SEC and issuers over its concerns that Solana should be regarded as a security, a view that matches what the SEC has asserted in court filings in multiple cases.Two issuers, 21Shares and VanEck, are currently vying for a Solana ETF.
