According to ChainCatcher, The Block cited people familiar with the matter as saying that before Cboe BZX deleted the Solana ETF-related 19b-4 form from its website, the US SEC had held talks with potential Solana ETF issuers and expressed concerns about Solana's potential status as a security.
After discussions, the SEC and Cboe agreed not to file Form 19b-4 with the Federal Register. 19b-4 filings filed by Cboe on behalf of ETF issuers over the weekend are no longer visible on the exchange’s website. They are also not currently in the Federal Register. For an ETF to be approved, Form 19b-4 must first be approved and the S-1 registration statement must become effective.
Currently, VanEck's Solana ETF's S-1 registration statement is still displayed on the SEC's filing system EDGAR. The 21Shares S-1 registration statement document no longer appears in the search results, but the direct link is still valid.
The source said the SEC’s stance was not surprising to the issuer, given that it had previously called Solana a security in multiple court filings. The source said they expect there may be new filings or amendments to the 19b-4 in the future that attempt to prove that Solana is not a security.
While both Bitcoin and Ethereum spot ETFs have cleared regulatory hurdles and begun trading, most market observers had expected the SEC to be more reluctant to approve the new Solana fund.
