SEC Raises Concerns Over Solana's Security Status, Halting Approval Process for ETFs

• The U.S. SEC had talks with Solana ETF issuers about concerns over Solana's potential status as a security.
• The SEC and Cboe agreed not to file the 19b-4 forms, delaying the approval process for Solana ETFs.
• Solana ETF filing still shows on EDGAR, while 21Shares' filing no longer appears in search results.
• The SEC's stance on Solana as a security was expected, but issuers may file new amendments to argue otherwise.
• Market watchers believe Solana ETFs may face challenges in securing approval under the current administration.
• VanEck argues that Solana is a commodity, similar to Bitcoin and Ethereum.

Summary :

The U.S. Securities and Exchange Commission (SEC) has raised concerns about the potential status of Solana as a security in discussions with ETF issuers. As a result, the SEC and the Cboe have agreed not to file the necessary forms to start the approval process for Solana ETFs. The 19b-4 filings, which are required for ETF approval, are no longer visible on the Cboe website. It is anticipated that there may be new filings or amendments in the future to argue that Solana is not a security. Despite these setbacks, asset manager VanEck's plans for a Solana ETF are still ongoing. VanEck argues that Solana is a commodity, similar to Bitcoin and Ethereum. The SEC's stance on Solana as a security has been previously stated, and it is uncertain when or if Solana ETFs will be approved.

Sources :

- TheBlock
- CoinTelegraph