According to Wu, the U.S. Securities and Exchange Commission (SEC) discussed concerns with ETF issuers that Solana might be classified as a security. Subsequently, the SEC agreed with the Chicago Board Options Exchange (Cboe) and decided not to submit the relevant 19b-4 form to avoid initiating the approval process.
The S-1 registration statement for VanEck’s Solana ETF is still on display, while 21Shares’ has been withdrawn. Nate Geraci, president of the ETF Store, said it’s almost impossible for the Solana ETF to be approved under the current Biden administration.
Bloomberg analyst James Seyffart said that unless the US government and SEC change in 2025, the chances of launching the Solana ETF are slim.
