21Shares Solana ETF, VanEck Taken Off CBoe Website
It appears that the 19b-4 filings for the Solana exchange-traded fund (ETF) by VanEck and 21Shares have been removed from the Cboe website. The documents SR-CboeBZX-2024-066 and SR-CboeBZX-2024-067 are no longer accessible through direct links, and they are also not visible in BZX Pending Rule Changes.
Is VanEck and 21Shares Solana ETF Plan Void
VanEck and 21Shares initially filed S-1 forms for spot Solana ETF in late June, following the clarity on approval for nine spot Ethereum ETFs by the U.S. Securities and Exchange Commission (SEC). However, it seems that the 19b-4 filings have been removed from the website, sparking speculation about whether the filings were withdrawn.
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The 19b-4 submission is the second step in the ETF process after an S-1 form, notifying the SEC of a proposed rule change by an exchange. The filings were made on July 8, but there has been no confirmation from the SEC, leading to uncertainty about the status of the proposed Solana ETFs.
Industry Experts Response
Industry experts have weighed in on this development, with some expressing skepticism about the prospects of the Solana ETF approval in the current regulatory environment. Scott Johnsson, general counsel at Van Buren Capital, believes that the SEC, under Gary Gensler, would likely reject the Solana ETFs, attributing this to Gensler’s stance on crypto-related investment products.
Nate Geraci, president of ETFStore, has confirmed the removal of the ETF 19b-4 filings and expressed a pessimistic view regarding the approval of a Solana ETF in the near future under the current administration.
Final Thought
In addition to the regulatory developments, the SOL price has been facing selling pressure amidst the broader bearish sentiment in the crypto market. This has also been reflected in the fear and greed index, which has dropped to a low level, contributing to a sense of panic among investors. At present, the SOL price is trading at $139.51, down 3% in the past 24 hours, with a significant decline in trading volume.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
