SEC Won’t Approve SOL Spot ETFs
-
Altcoin News
Bitcoin news
Blockchain News
blog
DeFi News
Exchange News
General
Market News
Prediction
Без рубрики
Johny Smith
2024/09/17
3 mins read
The U.S. Securities and Exchange Commission (SEC) has rejected Cboe BZX 19b-4 applications for two Solana spot ETFs, an unnamed source told The Block. It was previously reported that data on such applications had been removed from the Cboe website.
This comes after a dialogue between the regulator and issuers. They discussed concerns about Solana being treated as a security, something that SEC members and SEC Chairman Gary Gensler have been insisting on.
19b-4 filings are filed by exchanges — in this case, Cboe — on behalf of issuers. If they are filed in the Federal Register, then the SEC review process is triggered. Another important form is the S-1 registration statement, which is filed by issuers themselves and does not have any time limits. Because the SEC rejected the 19b-4s, they never made it into the Register. So the process for potential approval or rejection has not been initiated.
There are currently two issuers vying to launch the Solana ETF: 21Shares and VanEck. The former appears to have withdrawn its S-1, as it can no longer be found using a search on the SEC’s EDGAR filing system. VanEck’s S-1 has not yet disappeared, and the firm’s head of research, Matthew Siegel, said “it remains in play.”
Although the Form 19b-4 rejections were a setback, it will be possible to refile or amend the forms to include stronger language that will demonstrate that the SOL is not a security.
“We are unable to comment on the regulatory process at this time. As always, we are committed to expanding investor access to digital currencies in the U.S. and around the world,” said Audrey Belloff, head of communications at 21Shares. VanEck, Cboe, and the SEC have not yet provided official comment.
Error in the text? Select it with your mouse and click Ctrl + Enter
32