Doubts Surround Solana ETP After Filing Documents Disappear from Chicago Exchange

On July 8, VanEck and 21Shares submitted a 19b-4 form to the U.S. Securities and Exchange Commission (SEC) for the launch of a Solana Spot Exchange-Traded Product (ETP) on the Chicago Board Options Exchange (Cboe). This filing followed an initial S-1 application, a required step for proposing a new exchange-traded product. However, the SEC has yet to issue a notice for this submission, suggesting a possible denial.

The absence of this notice is a significant indicator of potential rejection, marking the second attempt by VanEck and 21Shares to introduce a Solana ETP after a previous rejection.

Despite the success of spot Bitcoin and Ethereum ETFs, the SEC remains hesitant to approve a Solana ETP. The reluctance could be due to the classification of Solana as a financial instrument.