SEC Rejects 19b-4 Application for Solana ETF Filed by 21Shares and VanEck

Bittime - The SEC denied a 19b-4 application filed by Cboe BZX for two potential issuers of Solana ETFs. This rejection caused the related application to be withdrawn from the Cboe website, and raised pessimism about the Solana ETF in the US market.

SEC Rejects Application 19b-4 for the Solana ETF

The SEC rejected the 19b-4 application filed by Cboe BZX on behalf of two Solana ETF issuers, namely 21Shares and VanEck. The 19b-4 application is an important step for exchanges like Cboe to begin the approval process from the SEC. 

However, with this rejection, the application never reached the Federal Register, meaning the official approval process had not yet begun. PThis rejection occurred after several discussions between the SEC and the relevant issuers. 

The SEC remains of the view that Solana should be considered a security, according to several previous court documents. This matter influence the SEC's decision to reject the application, and led to the application being removed from Cboe's website.

Also Read: Potential Increase in Solana (SOL) Price If Solana ETF is Approved

Impact of Rejection on 21Shares and VanEck

21Shares and VanEck compete to launch the first Solana ETF in the US. 21Shares' S-1 Application, which is an important form in the ETF registration process, has disappeared from the SEC's EDGAR system. This loss of form has led to speculation that 21Shares may be taking a hiatus from competition for a while. 

Even so, Audrey Belloff, head of communications for 21Shares, emphasized that the company remains committed to expanding investor access to cryptocurrencies, both in the US and global markets. 21Shares may still have plans to apply for a Solana ETF.

Meanwhile, apVanEck's S-1 is still visible in the EDGAR system, indicating that the company is still working toward SEC approval. Matthew Sigel, head of research at VanEck, stated that VanEck's application is still "on track" despite the SEC's pushback. 

Solana ETF Launch Still Far Away

Solana ETFs have been highly anticipated, especially after Solana's continued rise in popularity. 

The Solana ETF is expected to provide easier access for investors who want to invest in Solana without having to directly buy SOL tokens.

However, with the SEC's rejection of the 19b-4 application, the launch of a Solana ETF still seems far away.  

Also Read: Chances of a Solana ETF and Other Altcoins in the US Market Still Low 

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