Solana ETF is Not Coming SOON : Filing Documents Removed!

Solana ETFs might not be hitting the market soon. It looks like the SEC is not ready to approve a third crypto ETF. Even though BTC and ETH ETFs are rocking the market, filing of Solana ETF has been removed from CBOE website.

Application For SOL ETF

On July 8^th this year, VanEck and 21Shares submitted form 19b-4 to SEC. These firms filed the forms to launch and trade Solana ETF on CBOE. Form 19b-4 is the second form filling to notify the SEC of a proposed rule change for a new exchange product. Before this, filing of form S-1 is required. VanEck filed S-1 on 27 June followed by 21Shares on 29^th.  Once these forms are submitted to the Securities and Exchange Commission, they have to issue filling notice to confirm receipt of the filings. After these, the regulators have a time frame of 240 calendar days to approve or reject the product.

Signals of Rejection

The SEC never published the filing notice for Solana ETF. This was the first signal indicating the SOL ETF is not going to approve. VanEck and 21Shares has previously tried to launch ETF for Solana but was rejected by SEC. This was their second attempt. Even though Bitcoin and Ether ETFs are making great moves in the market, the SEC is not ready to approve an ETF for the fifth largest cryptocurrency.President of the ETF store, Nate Geraci made an X post saying Solana ETF are not happening soon under current administration.

According to the experts, one major reason for this might be the SEC stance on Solana. We are well aware that the Securities and Exchange Commision has marked a large number of cryptos as securities and Solana is one of them. The 19b-4 forms by VanEck and 21Shares for Solana ETF have been removed from Cboe Website.

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

What to Expect

In June of 2018, the SEC Director of Corporate Finance, William Hinman, declared that the commission will not treat Bitcoin and Ether as securities. The SEC has released a list of 19 cryptos which they count as securities and Solana is one of them. This might be the prominent reason why the SEC is not ready to let SOL ETF hit the market. On the other hand, the first spot Solana ETF is awaiting approval by the Brazilian stock exchange. 

Experts believe, SEC is not going to allow the launch of SOL ETF until there is change in the administration. People have eyes on the Presidential elections as Donald Trump has promised during the Nashville conference that he will fire Gary, the chair of the SEC. The crypto community is waiting for the elections as it will decide if the US will become a crypto nurturing nation or not.