19b-4 Filings Withdrawn

Following the talks, the SEC and the CBO decided not to send the 19b-4 forms to the Federal Register, therefore triggering the clock on the approval procedure. By doing this, the SEC would have been under pressure to decide on issues involving the future Solana ETFs.

The 19b-4 filings, which are filed by exchanges on behalf of issuers, no longer show on the Cboe website, as observed over the weekend. Furthermore not on the Federal Register right now are they. ETFs must be approved using S-1 registration statements to be operative and the 19b-4 forms. The S-1 forms, but avoid imposing precise deadlines on the SEC.

The S-1 registration statement of VanEck for the Solana ETF still shows on EDGAR, the reporting mechanism used by the SEC. Though the direct URL still works, search results no longer show the S-1 registration statement file for 21Shares.

SEC’s Position on Solana

Given that the agency had earlier termed Solana a security in several court filings, the person added, issuers were not surprised by the SEC reaching out with this posture. Nor was there the notion that these programs might fail. The source added that they expect subsequent filings or changes to the 19b-4s, which would aim to more aggressively establish the case that Solana is not a security.

Industry Reactions

“We are unable to comment on the regulatory process at this time. We remain committed to expanding investor access to cryptocurrencies in the U.S. market and around the world,” added Audrey Belloff, head of communications at 21Shares.

While both Bitcoin and Ethereum ETFs have passed the required legal requirements and began trading, most market analysts had anticipated the SEC would be considerably more reluctant to sanction the new Solana products. Under the present Biden Administration, Nate Geraci, president of financial advisor The ETF Store, advised on Aug. 17 that Solana ETFs would not have an opportunity for approval.

This was repeated on X by ETF specialist Bloomberg Intelligence James Seyffart, who said on X that the fund “only has a shot to launch sometime in 2025 if we have a new admin in the White House and SEC. Even then not guaranteed.”

VanEck contends Solana is a commodity and operates like Bitcoin and Ether, while the SEC claims it is a security.

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