CashNews.co
- SEC’s inaction on Solana ETF filings signals likely rejection, echoing past disapproval.
- Disappearance of key documents from CBOE raises concerns about the Solana ETF’s future.
After the spark of hope for Solana ETF approval and PayPal’s Stablecoin Boost fueling expectations for a SOL rally to $175 in our recent discussion, VanEck and 21Shares submitted a Form 19b-4 to the SEC on July 8 to launch a Solana ETF on the CBOE. This form, which follows the initial S-1 filing, is required for proposing a new exchange-traded product.
However, in a turn of events, the SEC has not published a filing notice for this Solana ETF, signaling a potential rejection. The absence of this notice is a significant indicator that the Solana ETF may not be approved. This marks VanEck and 21Shares’ second attempt to launch a Solana ETF, following a previous rejection.
Despite the success of Bitcoin and Ethereum ETFs, the SEC remains hesitant to approve an ETF for Solana, possibly due to its classification as a security. In a recent tweet, Nate Geraci, President of ETF Store and Host of ETF Prime, stated,
Solana ETF not happening anytime soon under the current administration.
Current and Future Prospects
An X account from SummersThings shared that the Forms 19b-4 for VanEck and 21Shares Solana ETFs seem to have been removed from the CBOE website. Documents SR-CboeBZX-2024-066 and SR-CboeBZX-2024-067 are no longer accessible via direct links and are absent from BZX Pending Rule Changes.
Forms 19b-4 for VanEck and 21Shares Solana ETFs appear to have been removed from the CBOE website.
Documents SR-CboeBZX-2024-066 & SR-CboeBZX-2024-067 aren’t accessible anymore via direct link, and are no longer visible in BZX Pending Rule Changes.
Another interesting thing is… pic.twitter.com/t81kVGJ3uH
— Summers (@SummersThings) August 16, 2024
Additionally, although these applications were filed on July 8, the SEC never issued Notices of Filing for them. This raises the question of whether the 19b-4 forms were withdrawn. SOL’s price surged by 1.08% in the past day to $142.87with a decrease of 0.86% over the past week. See SOL price chart below.
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