SEC Concerns Halt Solana ETF Process, Raising Questions About SOL’s Security Status
The post SEC Concerns Halt Solana ETF Process, Raising Questions About SOL’s Security Status appeared on BitcoinEthereumNews.com.
Speculation about potential delays in spot Solana exchange-traded funds (ETFs) process grew after the disappearance of the ETF applications on the Chicago Board Options Exchange (CBOE) website over the weekend. New report confirms that the filing removal was due to the SEC’s stance on Solana (SOL). Source familiar with the matter told The Block on Monday that the Securities and Exchange Commission (SEC) held discussions with prospective Solana ETF issuers, where the regulator expressed concerns about SOL potentially being classified as a security. Some have noticed that the 19b-4 for the VanEck Solana ETF has been removed from the CBOE website. Remember that Exchanges like Nasdaq & CBOE file rule changes (19b-4) to list new ETFs. Issuers like VanEck are responsible for the prospectus (S-1). Ours remains in play. https://t.co/9rbSHciSdy — matthew sigel, recovering CFA (@matthew_sigel) August 19, 2024 Does Wall St. Love SOL? Due to the SEC’s stance, the CBOE withdrew pending 19b-4 filings for Solana ETFs. The action effectively paused the approval process. The removal came into notice on Friday following a report on X that the 19b-4 forms of VanEck and 21Shares, the only two firms to have filed for Solana ETFs, were no longer accessible on the CBOE website. The development came shortly after the exchange’s request for public comments. Commenting on the withdrawal, Nate Geraci, President of the ETF Store, said it was a sign that a Solana ETF would not materialize under the current administration. Scott Johnson, a finance lawyer, put his two cents in a classification disagreement, which could lead to SEC Chair Gary Gensler bypassing the regular process. “My guess on what is happening is Gary says SOL ETF is DOA under his watch,” said the expert. Even before or after the removal discovery and confirmation from source, the SEC has provided…
Filed under: News - @ August 21, 2024 8:21 am