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Insider News: SEC Rejects Cboe's 19b-4 Application for Solana Spot ETF

Insider News: SEC Rejects Cboe's 19b-4 Application for Solana Spot ETF

Bitget2024/08/20 10:09

Odaily reports that according to insiders, the U.S. SEC has rejected two 19b-4 applications for Solana spot ETFs submitted by Cboe BZX. As a result, these applications have been withdrawn from the Cboe website. The 19b-4 application is submitted by the trading platform (in this case, Cboe) on behalf of the issuer. If published in the Federal Register, it would initiate the SEC's approval process. Another important form is the S-1 registration statement, which is submitted by issuers and has no deadline. However, since the SEC rejected the 19b-4 forms, they were never published in the Federal Register and therefore did not trigger any potential approval or rejection processes. BlockBeats previously reported that before Cboe BZX removed related Solana ETF 19b-4 forms from its website at 8:00 on August 20th, US SEC had already held talks with potential Solana ETF issuers and expressed concerns about Solana's potential status as a security.(The Block)

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