YEREVAN (CoinChapter.com) — The U.S. Securities and Change Fee (SEC) has rejected Cboe BZX’s 19b-4 filings for 2 spot Solana (SOL) ETFs. A supply confirmed that the SEC’s determination was primarily based on its view that Solana must be categorized as a safety. This matches the SEC’s stance in a number of courtroom instances, the place it argued that Solana meets the standards for a safety.

The 19b-4 kinds, filed by Cboe BZX on behalf of two ETF issuers, didn’t attain the Federal Register as a result of SEC’s rejection. This prevented the beginning of the regulatory evaluation course of, resulting in the withdrawal of the filings from the Cboe web site.

VanEck’s Solana ETF Submitting Stays Energetic Regardless of SEC Block

The SEC’s determination impacts 21Shares and VanEck, two firms pursuing Solana ETFs. The S-1 registration kind for 21Shares not seems within the SEC’s EDGAR system. In distinction, VanEck’s S-1 kind stays energetic. Matthew Sigel, VanEck’s head of research, confirmed that their submitting remains to be in progress regardless of the SEC’s considerations.

The 19b-4 kinds are key within the ETF approval course of. As soon as positioned within the Federal Register, they begin the clock for the SEC’s evaluation. Because the SEC blocked the filings, this course of has not begun.

21Shares Considers Resubmitting SOL ETF Filings After SEC Rejection

Though the SEC rejected the 19b-4 filings, issuers could resubmit them with stronger arguments addressing the SEC’s considerations about Solana’s classification. A supply indicated that future filings would possibly current a case for Solana not being a safety.

Audrey Belloff, head of communications at 21Shares, said,

“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 haven’t but commented on the state of affairs.