Altcoin

VanEck, 21Shares Solana ETF Apparently Removed From Cboe

Published

1 month ago

August 17, 2024

VanEck and 21Shares’ 19b-4 filings for Solana exchange-traded fund (ETF) are no longer available on the Cboe website. Both companies filed S-1 forms for spot Solana ETF in late June after the clarity on approval for nine spot Ethereum ETFs by the U.S. Securities and Exchange Commission (SEC).

Have VanEck and 21Shares Dropped Plans For Spot Solana ETF?

Solana ETF 19b-4 forms by VanEck and 21Shares appear to have been removed from the Cboe website, according to a post on the X platform on August 17. He shared that the documents SR-CboeBZX-2024-066 and SR-CboeBZX-2024-067 aren’t accessible through direct link. In addition, they are no longer visible in BZX Pending Rule Changes.

VanEck and 21Shares filed 19b-4 applications on July 8, after they revealed their initial plan in S-1 filings in June to offer spot Solana ETFs. However, the U.S. SEC has never issued notices of filings, starting a debate on whether the 19b-4 filings were withdrawn.

The 19b-4 submission is the second step in the ETF process after an S-1 form. It informs the SEC of a proposed rule change by a self-regulatory organization (SRO) such as an exchange. After the 19b-4 filings, the SEC confirms receipt of the filing. It is followed by the opening of a 240 days window in which the regulator makes a decision on the products.

ETF Experts Reacts on the Missing Filings

Scott Johnsson, general counsel at Van Buren Capital, said it is not surprising to him what is happening in the U.S. SEC under Gary Gensler. Johnsson asserts Gensler would have rejected VanEck and 21Shares Solana ETFs after the filings. He is anti-crypto and reluctant to any crypto exchange-traded funds approval.

“I’m assuming Gary notified CBOE that these SOL apps were improperly filed as Commodity-Based Trust Shares (because he thinks SOL isn’t a commodity), which obviates the need for the SEC to provide a formal written disapproval order (that is reviewable as a final agency action).”

My guess on what is happening is Gary says SOL ETF is DOA under his watch (not surprising). https://t.co/g5Tz8Zjoqh
— Scott Johnsson (@SGJohnsson) August 17, 2024

Nate Geraci, president of ETFStore, confirmed that the ETF 19b-4 filings were removed. He added that Solana ETF will never get approval anytime soon under the current administration.

Meanwhile, SOL price is trading under selling pressure amid the bearishness in the crypto market. The fear and greed index has dropped to a low of 25 (fear) today, creating a panic situation among investors. SOL price is currently trading at $139.51, down 3% in the past 24 hours. The trading volume has dropped more than 20% over the last day.