Solana ETFs may not be launching anytime soon. It looks like the SEC is not ready to approve a third crypto ETF. Although BTC and ETH ETFs are shaking up the market, the Solana ETF filing has been removed from the CBOE website.

Application for SOL ETF

On July 8^th This year, VanEck and 21Shares filed Form 19b-4 with the SEC. These firms filed the forms to launch and trade Solana ETF on the CBOE. Form 19b-4 is the second form filed to notify the SEC of a proposed rule change for a new exchange product, and is preceded by the filing of Form S-1. VanEck filed S-1 on June 27, followed by 21Shares on June 29.^thOnce these forms are filed with the Securities and Exchange Commission, the Commission must issue a filing notice to confirm receipt of the documents. After that, regulators have 240 calendar days to approve or disapprove the product.

Signals of rejection

The SEC never released the filing notice for the Solana ETF. This was the first signal that the SOL ETF would not be approved. VanEck and 21Shares had previously tried to launch an ETF for Solana but were rejected by the SEC. This was their second attempt. Although Bitcoin and Ether ETFs are making great strides in the market, the SEC is not ready to approve an ETF for the fifth-largest cryptocurrency. ETF Store President Nate Geraci penned an X-post saying that Solana ETFs will not happen anytime soon under the current administration.

A major reason for this, according to experts, could be the SEC’s stance on Solana. We are well aware that the Securities and Exchange Commission has classified a large number of cryptocurrencies as securities and Solana is one of them. VanEck and 21Shares’ 19b-4 forms for the Solana ETF have been removed from the Cboe website. Although crypto people are talking about it, there is no comment from VanEck and 21Shares on their X about it.

Another X user, Summers, provided details of the documents removed from the CBOE website in his post. He even shared screenshots of the website showing missing documents.

What to expect

In June 2018, SEC Director of Corporate Finance William Hinman stated that the commission will not treat Bitcoin and Ether as securities. The SEC has published a list of 19 cryptocurrencies that it considers as securities, and Solana is one of them. This could be the main reason why the SEC is not ready to launch SOL ETF. On the other hand, the first Solana ETF is awaiting approval from the Brazilian stock exchange.

Experts believe that the SEC will not allow the launch of the SOL ETF until there is a change in the administration. People are eagerly watching the presidential election as Donald Trump promised to fire Gary, the chairman of the SEC, during the Nashville conference. The crypto community is waiting for the elections as they will decide whether the US will become a crypto-promoting nation or not.