ChainCatcher reported that according to The Block, the U.S. Securities and Exchange Commission rejected two Solana spot 19b-4 applications submitted by Cboe BZX, according to a person familiar with the matter.

It is reported that the 19b-4 documents are submitted by the exchange on behalf of the issuer. If these documents are published in the Federal Register, the SEC's approval process will begin. Another important document, the S-1 registration statement, is submitted by the issuer without any deadline.

However, because the U.S. Securities and Exchange Commission rejected the 19b-4 forms, they have never been listed in the Federal Register and have not yet initiated a possible approval or rejection process.