SEC Rejects Solana ETF Filings by VanEck and Cboe BZX Amid Security Concerns

Aug 20, 2024, 10:11 AM

The U.S. Securities and Exchange Commission (SEC) has rejected the 19b-4 filings for Solana exchange-traded funds (ETFs) submitted by Cboe Global Markets on behalf of issuers like VanEck and 21Shares. This decision follows discussions between the SEC and ETF issuers regarding concerns over Solana's classification as a security. Despite the regulatory setback, VanEck's head of digital assets research, Matthew Sigel, confirmed that the S-1 prospectus for a Solana ETF remains active. The SEC's decision not to proceed with the 19b-4 filings means that the approval process for Solana ETFs is effectively paused. The Cboe BZX exchange's filings were also rejected, and SEC Chairman Gary Gensler has been involved in the discussions.