tl;dr
The 19b-4 filings for a Solana exchange-traded fund (ETF) by VanEck and 21Shares have been removed from the Cboe website, raising questions about the status of the ETF. The U.S. Securities and Exchange Commission (SEC) has not issued notices of filings for the ETF, leading to speculation about wheth...
VanEck and 21Shares’ 19b-4 filings for Solana ETF removed from Cboe website
Uncertainty surrounds approval status of spot Solana ETFs by U.S. SEC
Speculation arises on potential rejection of Solana ETFs by U.S. SEC - Experts express doubts on approval prospects for Solana ETFs under current administration
The 19b-4 filings for a Solana exchange-traded fund (ETF) by VanEck and 21Shares have been removed from the Cboe website, raising questions about the status of the ETF. The U.S. Securities and Exchange Commission (SEC) has not issued notices of filings for the ETF, leading to speculation about whether the filings were withdrawn. There are suggestions that the current SEC administration, under Gary Gensler, may be reluctant to approve crypto ETFs, with doubts about the Solana ETF gaining approval anytime soon. Additionally, the SOL price is facing selling pressure amidst bearishness in the crypto market, with the fear and greed index dropping to a low of 25, creating a panic situation among investors.
VanEck and 21Shares’ 19b-4 filings for Solana exchange-traded fund (ETF) are no longer available on the Cboe website. Both companies filed S-1 forms for spot Solana ETF in late June after the clarity on approval for nine spot Ethereum ETFs by the U.S. Securities and Exchange Commission (SEC). Has the regulator rejected the SOL ETFs as they never issued notices of filings? HAVE VANECK AND 21SHARES DROPPED PLANS FOR SPOT SOLANA ETF?
Solana ETF 19b-4 forms by VanEck and 21Shares appear to have been removed from the Cboe website, according to a post on the X platform on August 17. He shared that the documents SR-CboeBZX-2024-066 and SR-CboeBZX-2024-067 aren’t accessible through direct link. In addition, they are no longer visible in BZX Pending Rule Changes.
VanEck and 21Shares filed 19b-4 applications on July 8, after they revealed their initial plan in S-1 filings in June to offer spot Solana ETFs. However, the U.S. SEC has never issued notices of filings, starting a debate on whether the 19b-4 filings were withdrawn. Matthew Sigel, head of research at VanEck, slams the US regulators after Brazil approved spot Solana ETF products. He added that the US may need a regulatory “soft fork” before Solana ETF can get approval.
The 19b-4 submission is the second step in the ETF process after an S-1 form. It informs the SEC of a proposed rule change by a self-regulatory organization (SRO) such as an exchange. After the 19b-4 filings, the SEC confirms receipt of the filing. It is followed by the opening of a 240 days window in which the regulator makes a decision on the products.
Scott Johnsson, general counsel at Van Buren Capital, said it is not surprising to him what is happening in the U.S. SEC under Gary Gensler. Johnsson asserts Gensler would have rejected VanEck and 21Shares Solana ETFs after the filings. He is anti-crypto and reluctant to any crypto exchange-traded funds approval. Nate Geraci, president of ETFStore, confirmed that the ETF 19b-4 filings were removed. He added that Solana ETF will never get approval anytime soon under the current administration. Meanwhile, SOL price is trading under selling pressure amid the bearishness in the crypto market. The fear and greed index has dropped to a low of 25 (fear) today, creating a panic situation among investors. SOL price is currently trading at $139.51, down 3% in the past 24 hours. The trading volume has dropped more than 20% over the last day.