The U.S. SEC has discussed the securities characteristics of SOL with ETF issuers
ChainCatcher reported that, according to sources cited by The Block, the U.S. SEC had discussions with potential Solana ETF issuers and expressed concerns about Solana's potential status as a security before Cboe BZX removed the related 19b-4 form for the Solana ETF from its website.After discussions, the SEC and Cboe agreed not to submit the 19b-4 form to the Federal Register. The 19b-4 documents submitted by Cboe on behalf of the ETF issuers over the weekend are no longer visible on the exchange's website. They are also currently not in the Federal Register. For the ETF to be approved, the 19b-4 form must first be approved, and the S-1 registration statement must also be effective.Currently, VanEck's S-1 registration statement for the Solana ETF is still visible in the SEC's EDGAR filing system. However, the S-1 registration statement for 21Shares no longer appears in search results, but the direct link remains valid.The source indicated that it was not surprising for issuers that the SEC took this position, given that the SEC had previously referred to Solana as a security in multiple court documents. The source mentioned that they expect new filings or revisions to the 19b-4 in the future, attempting to prove that Solana is not a security.Although Bitcoin and Ethereum spot ETFs have cleared regulatory hurdles and begun trading, most market observers had anticipated that the SEC would be more reluctant to approve new Solana funds.
