Key Points
- The US SEC has reportedly rejected the 19b-4 filings for Solana ETFs.
- The resolution got here after the SEC reiterated that Solana is a safety.
According to the most recent reviews, the US SEC has rejected Cboe’s 19b-4 fillings for 2 potential Solana ETFs. This resulted of their elimination from the Cboe’s official web site.
The 19b-4 purposes are filed by exchanges on behalf of issuers. If positioned within the Federal Register, they begin awaiting the approval coming from the US SEC. The S-1 registration assertion is stuffed by issuers in case the 19b-4 submitting is permitted.
Now, because the US SEC rejected the 19b-4 types, they haven’t been capable of attain the Federal Register and haven’t began the method in direction of a possible remaining approval or denial.
The resolution got here after conversations between the SEC and Solana ETF issuers relating to issues over Solana’s label as a safety.
Solana ETFs Encounter SEC Resistance
The US SEC reportedly sees Solana as a safety, which has been asserted in a number of court docket filings to this point.
Two potential issuers have been planning to launch a Solana ETF: 21Shares and VanEck.
According to the most recent reviews, 21Shares has stood again on its S-1 kind, contemplating the truth that it’s now not current within the search outcomes on the SEC’s submitting system known as EDGAR.
VanEck’s S-1 kind continues to be there and, in line with the top of analysis, Matthew Sigel it stays in play.
Sigel shared a publish by way of his X account, addressing customers’ notes that the 19b-4 for the VanEck Solana ETF has been faraway from the Cboe web site.
He said that folks ought to keep in mind that exchanges comparable to Nasdaq and Cboe file rule adjustments to checklist new ETFs. According to him, issuers like VanEck are liable for the prospectus (S-1) and theirs stays in play.
He additionally made it clear in one other post that VanEck believes that Solana is a commodity, like Bitcoin and Ethereum.
According to him, this perception is knowledgeable by evolving authorized views, the place courts and regulators have acknowledged that sure digital belongings could perform as securities in major markets however behave extra like commodities in secondary markets.
