SEC Halts Solana ETF Filings, Delaying Approval Process

The SEC has recently raised concerns about Solana’s classification as a security, leading to the withdrawal of 19b-4 filings for Solana ETFs from the Cboe BZX exchange.

This action prevents the start of the approval process and delays any decision on these funds.

The rejected filings would have initiated the regulatory review for Solana ETFs, which need both the 19b-4 forms and effective S-1 registration statements to be approved. While VanEck’s S-1 filing is still visible on the SEC’s EDGAR system, 21Shares’ filing is no longer listed, though its link remains active.

Given the SEC’s prior indications that Solana might be considered a security, this move was anticipated. Issuers may attempt to submit new or revised filings to challenge this classification.

Audrey Belloff from 21Shares emphasized their ongoing commitment to expanding cryptocurrency investment options despite these hurdles.

Experts believe that approval for Solana ETFs could be significantly delayed, possibly until 2025, contingent on future regulatory shifts. VanEck argues that Solana should be treated as a commodity, like Bitcoin and Ethereum, rather than as a security.