The SEC rejected Cboe’s 19b-4 filings for Solana ETFs: Source

Quick Take

  • The U.S. SEC turned down the 19b-4 applications by the Cboe BZX on behalf of two prospective Solana ETF issuers, according to a well-placed source.
  • This came after the agency reiterated its view to issuers that Solana is a security, The Block previously reported.

The U.S. Securities and Exchange Commission rejected Cboe BZX’s 19b-4 filings for two prospective spot Solana ETFs, according to a source familiar with the situation. As a result, they were withdrawn from the Cboe website.

This followed conversations between the SEC and issuers over its concerns that Solana should be regarded as a security, as The Block previously reported, citing a different source. This view matches what the SEC has asserted in court filings in multiple cases.

The 19b-4 filings are filed by exchanges — in this case, the Cboe — on behalf of issuers. If placed in the Federal Register, they start the clock on the SEC’s approval process. The other important form, the S-1 registration statement, is filed by issuers and doesn’t result in any deadlines.

However, since the SEC rejected the 19b-4 forms, they never made it to the Federal Register and haven’t started the process toward a potential approval or denial.

Solana ETFs facing SEC resistance

Two issuers are currently vying for a Solana ETF: 21Shares and VanEck. Both remain on the SEC's filing system EDGAR. VanEck Head of Research Matthew Sigel, says its application remains in play.

Even though the 19b-4 rejections were a setback, they could be refiled or amended to include stronger language arguing that Solana is not a security in the near future.

"We are unable to comment on the regulatory process at this time. We remain committed to expanding investor access to cryptocurrencies in the U.S. market and around the world," said Audrey Belloff, head of communications at 21Shares.

The SEC declined to comment.

VanEck and the Cboe did not respond immediately to a request for comment.

This article was corrected to say that 21Shares' ETF filing is still searchable on EDGAR.


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Tim is the Editor-In-Chief of The Block. He writes about the evolution of crypto technology and the people who are at the forefront of it. He provided exclusive, source-based insights into the launches of the Bitcoin and Ethereum ETFs, crypto sales by the FTX Estate and the Trump-linked World Liberty Financial project. Prior to joining The Block, Tim was a news editor at Decrypt. He earned a bachelor's degree in philosophy from the University of York and studied news journalism at Press Association Training. Follow him on X @Timccopeland.

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