SEC Rejected Solana ETF Filings Over Security Concerns, Blocking Approval Process

YEREVAN (CoinChapter.com) — The U.S. Securities and Exchange Commission (SEC) has rejected Cboe BZX’s 19b-4 filings for two spot Solana (SOL) ETFs. A source confirmed that the SEC’s decision was based on its view that Solana should be classified as a security. This matches the SEC’s stance in several court cases, where it argued that Solana meets the criteria for a security.

The 19b-4 forms, filed by Cboe BZX on behalf of two ETF issuers, did not reach the Federal Register due to the SEC’s rejection. This prevented the start of the regulatory review process, leading to the withdrawal of the filings from the Cboe website.

VanEck’s Solana ETF Filing Remains Active Despite SEC Block

The SEC’s decision impacts 21Shares and VanEck, two companies pursuing Solana ETFs. The S-1 registration form for 21Shares no longer appears in the SEC’s EDGAR system. In contrast, VanEck’s S-1 form remains active. Matthew Sigel, VanEck’s head of research, confirmed that their filing is still in progress despite the SEC’s concerns.

The 19b-4 forms are key in the ETF approval process. Once placed in the Federal Register, they start the clock for the SEC’s review. Since the SEC blocked the filings, this process has not begun.

21Shares Considers Resubmitting SOL ETF Filings After SEC Rejection

Although the SEC rejected the 19b-4 filings, issuers may resubmit them with stronger arguments addressing the SEC’s concerns about Solana’s classification. A source indicated that future filings might present a case for Solana not being a security.

Audrey Belloff, head of communications at 21Shares, stated,

“We are unable to comment on the regulatory process at this time. We remain committed to expanding investor access to cryptocurrencies in the U.S. market and around the world.”

VanEck, Cboe, and the SEC have not yet commented on the situation.