The U.S. Securities and Exchange Commission (SEC) recently held discussions with potential issuers of Solana-based exchange-traded funds (ETFs), raising concerns regarding Solana’s possible classification as a security. These discussions led to the Cboe BZX Exchange retracting related 19b-4 filings, a key regulatory step in ETF approval, according to a source familiar with the situation.
As a result of these talks, the SEC and Cboe agreed to refrain from submitting the 19b-4 forms to the Federal Register, which would have initiated the formal review process for the proposed ETFs. This decision temporarily relieves the SEC from making immediate determinations on Solana ETFs, avoiding potential regulatory bottlenecks.
Over the weekend, the 19b-4 filings, typically lodged by exchanges on behalf of ETF issuers, were removed from both the Cboe website and the Federal Register. For an ETF to be approved, both 19b-4 forms and S-1 registration statements need to be cleared. However, S-1 filings do not impose specific deadlines on the SEC, giving the agency more flexibility in decision-making.
VanEck’s S-1 registration statement for its proposed Solana ETF remains visible on EDGAR, the SEC’s public filing system. Although the S-1 filing for 21Shares is no longer searchable, the document remains accessible through a direct link.
