2024-08-20
The U.S. Securities and Exchange
Commission (SEC) has expressed concerns regarding Solana’s status as a
security, which has impacted the filing process for Solana exchange-traded
funds (ETFs).
U.S. Securities and Exchange Commission
held discussions with ETF applicants about whether Solana (SOL) should be
classified as a security.
These concerns led to a pause in the
ETF filing process.
Following these discussions, Cboe Global Markets decided not to submit the Form 19b-4 to the Federal Register, which would have initiated the approval process for the Solana ETFs.
The 19b-4 for the VanEck Solana ETF has been removed from the CBOE website on August 16, 2024.
The filings were removed before they
reached the Federal Register.
Despite the SEC’s concerns, VanEck, one
of the ETF issuers, has stated that they consider Solana a commodity, similar
to Bitcoin (BTC) and Ethereum (ETH), based on evolving legal perspectives.
Previously, VanEck and 21Shares filed
for the approval of Solana ETFs with the SEC.
At the time of reporting, the price of Solana was not significantly affected, SOL 7 days price went up 3.49%.
Solana ETFs need to wait for the approval from the next administration after the 2024 US presidential election.
