According to The Block: As per sources familiar with the matter, the U.S. Securities and Exchange Commission (SEC) has reportedly rejected two 19b-4 applications submitted by Cboe BZX on behalf of prospective Solana spot ETF issuers. This decision follows the SEC's continued stance that Solana (SOL) should be classified as a security, a position the agency has reiterated in multiple court cases.
The 19b-4 filings, which are submitted by exchanges like Cboe on behalf of issuers, typically initiate the SEC's approval process once placed in the Federal Register. However, with the SEC rejecting these filings, the approval process was halted before it could begin, leading to the withdrawal of the forms from Cboe's website.
Two issuers, 21Shares and VanEck, were in the running to launch Solana ETFs. Following the SEC's rejection, 21Shares' S-1 registration form, which is typically filed by issuers, appears to have been withdrawn from the SEC’s EDGAR filing system. Meanwhile, VanEck’s S-1 form remains active, with the company indicating that it continues to pursue the ETF despite the setback. There is potential for the 19b-4 filings to be refiled or amended with stronger arguments against Solana being classified as 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 responded to requests for comment.
