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The US SEC has discussed the securities attributes of SOL with ETF issuers

The US SEC has discussed the securities attributes of SOL with ETF issuers

CointimeCointime2024/08/20 02:15
By:Cointime

Citing sources, the US SEC has expressed concerns about Solana's potential status as a security in discussions with potential Solana ETF issuers before Cboe BZX removed the Solana ETF-related 19b-4 forms from its website.After the discussion, SEC and Cboe agreed not to submit the 19b-4 forms to the Federal Register. The 19b-4 documents submitted by ETF issuers on behalf of Cboe over the weekend are no longer displayed on the exchange's website. They are also not in the Federal Register. In order 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 Solana ETF S-1 registration statement is still displayed on the SEC's filing system EDGAR. While 21Shares' S-1 registration statement is no longer appearing in search results, the direct link is still valid.The source said that given that the SEC had previously referred to Solana as a security in multiple court filings, it was not surprising for them to take this position with issuers. The source said they expected there might be new filings or revisions to the 19b-4 in the future in an attempt 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 expected the SEC to be less willing to approve new Solana funds.

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