{"id":16231,"date":"2024-08-20T10:37:05","date_gmt":"2024-08-20T07:37:05","guid":{"rendered":"https:\/\/forklog.com\/en\/sec-questions-solanas-status-as-a-non-security\/"},"modified":"2024-08-20T10:37:05","modified_gmt":"2024-08-20T07:37:05","slug":"sec-questions-solanas-status-as-a-non-security","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/sec-questions-solanas-status-as-a-non-security\/","title":{"rendered":"SEC Questions Solana&#8217;s Status as a Non-Security"},"content":{"rendered":"<p><span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span> has expressed concerns regarding Solana&#8217;s (SOL) status as a security during discussions with potential ETF issuers. This was reported by <a href=\"https:\/\/www.theblock.co\/post\/311937\/sec-talks-etf-issuers-concerns-solana-security-source\">The Block<\/a>, citing a source.<\/p>\n<p>Following discussions with the regulator, <span data-descr=\"Chicago Board Options Exchange\" class=\"old_tooltip\">CBOE<\/span> agreed not to register 19b-4 forms in the Federal Register. This would have initiated the approval process for products, putting time pressure on the SEC to make a decision, noted the source.<\/p>\n<p>Over the weekend, users noticed that the 19b-4 applications submitted by the exchange on behalf of issuers had disappeared from the trading platform&#8217;s website.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Forms 19b-4 for VanEck and 21Shares Solana ETFs appear to have been removed from the CBOE website. <\/p>\n<p>Documents SR-CboeBZX-2024-066 &#038; SR-CboeBZX-2024-067 aren\u2019t accessible anymore via direct link, and are no longer visible in BZX Pending Rule Changes.<\/p>\n<p>Another interesting thing is\u2026 <a href=\"https:\/\/t.co\/t81kVGJ3uH\">pic.twitter.com\/t81kVGJ3uH<\/a><\/p>\n<p>\u2014 Summers (@SummersThings) <a href=\"https:\/\/twitter.com\/SummersThings\/status\/1824596192929464581?ref_src=twsrc%5Etfw\">August 16, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The documents are also absent from the Federal Register.<\/p>\n<p>To initiate ETF trading, the regulator must register an S-1 document. However, there are no deadlines for the SEC to review this form.<\/p>\n<p>The corresponding proposal from VanEck still appears in the Commission&#8217;s filing system, while the application from 21Shares does not.<\/p>\n<p>According to The Block&#8217;s source, the SEC&#8217;s actions were not unexpected for issuers, as Solana is mentioned as a potential security in numerous lawsuits by the agency.<\/p>\n<p>Updated 19b-4 forms with more convincing arguments regarding Solana&#8217;s status are expected to be submitted soon. This was indirectly confirmed by VanEck&#8217;s Head of Digital Asset Research, Matthew Sigel, who commented on the removal of the application from the CBOE website.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Some have noticed that the 19b-4 for the VanEck Solana ETF has been removed from the CBOE website. <br \/>Remember that Exchanges like Nasdaq &#038; CBOE file rule changes (19b-4) to list new ETFs. Issuers like VanEck are responsible for the prospectus (S-1). Ours remains in play. <a href=\"https:\/\/t.co\/9rbSHciSdy\">https:\/\/t.co\/9rbSHciSdy<\/a><\/p>\n<p>\u2014 matthew sigel, recovering CFA (@matthew_sigel) <a href=\"https:\/\/twitter.com\/matthew_sigel\/status\/1825630561865715912?ref_src=twsrc%5Etfw\">August 19, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Remember that exchanges like Nasdaq and CBOE file rule changes (19b-4) to list new ETFs. Issuers like VanEck are responsible for the prospectus (S-1). Ours remains in play,&#8221; wrote Sigel.<\/p>\n<\/blockquote>\n<p>Back in July, he linked the chances of Solana-based ETFs being approved to the results of the U.S. autumn elections.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SEC has expressed concerns regarding Solana&#8217;s (SOL) status as a security during discussions with potential ETF issuers. This was reported by The Block, citing a source. Following discussions with the regulator, CBOE agreed not to register 19b-4 forms in the Federal Register. This would have initiated the approval process for products, putting time pressure on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":16230,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[569,36,128,1159],"class_list":["post-16231","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-etf","tag-regulation","tag-sec","tag-solana-sol"],"aioseo_notices":[],"amp_enabled":true,"views":"15","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/16231","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=16231"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/16231\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/16230"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=16231"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=16231"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=16231"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}