VanEck and 21Shares’ 19b-4 filings for the Solana exchange-traded fund (ETF) are no longer available on the Cboe website. Both companies filed S-1 forms for the spot Solana ETF in late June after the U.S. Securities and Exchange Commission (SEC) provided clarity on the approval of nine spot Ethereum ETFs. Did the regulator reject the SOL ETFs because they never issued notices of the filings?

Have VanEck and 21Shares abandoned plans for Spot Solana ETF?

According to a post on the X-Platform on August 17, VanEck and 21Shares’ Solana ETF 19b-4 forms appear to have been removed from the Cboe website. It said that documents SR-CboeBZX-2024-066 and SR-CboeBZX-2024-067 are not accessible via a 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 announcing their original plan to offer spot Solana ETFs in S-1 filings in June. However, the U.S. Securities and Exchange Commission never approved the filings, sparking debate over whether the 19b-4 applications were withdrawn.

Matthew Sigel, head of research at VanEck, criticizes U.S. regulators after Brazil approved spot Solana ETF products, adding that the U.S. may need a regulatory “soft fork” before Solana ETF can be approved.

The 19b-4 filing is the second step in the ETF process after an S-1 form. It notifies the SEC of a proposed rule change by a self-regulatory organization (SRO), such as an exchange. After the 19b-4 filing, the SEC acknowledges receipt of the filing. This opens a 240-day window for the regulator to make a decision on the products.

ETF experts react to the missing submissions

Scott Johnsson, general counsel at Van Buren Capital, said it was no surprise to him what was going on at the U.S. Securities and Exchange Commission (SEC) under Gary Gensler. Johnsson claims Gensler rejected VanEck and 21Shares Solana ETFs after the filings. He is anti-crypto and opposed to the approval of crypto exchange-traded funds.

“I assume that Gary informed the CBOE that these SOL applications were mistakenly filed as Commodity-Based Trust Shares (because he thinks SOL is not a commodity), thereby eliminating the need for a formal written denial order from the SEC (which is reviewable as a final agency action).”

My guess is that Gary is saying the SOL ETF is dead under his watch (which is not surprising). https://t.co/g5Tz8Zjoqh

— Scott Johnsson (@SGJohnsson) 17 August 2024

Nate Geraci, president of ETFStore, confirmed that the ETF 19b-4 applications have been withdrawn. He added that Solana ETF will not receive approval anytime soon under the current administration.

Meanwhile, SOL price is facing selling pressure amid the bearishness in the crypto market. The Fear and Greed Index has fallen to a low of 25 (fear) today, causing panic among investors. SOL price is currently trading at $139.51, down 3% over the past 24 hours. Trading volume has dropped by more than 20% over the past day.

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Varinder Singh

Varinder has 10 years of experience in the fintech sector, including over 5 years in blockchain, crypto and web3 development. As a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000 news stories, articles and essays. With CoinGape Media, Varinder believes in the enormous potential of these innovative future technologies. He is currently reporting on all the latest updates and developments in the crypto industry.

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