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According to the latest information from The Block, the US Cboe BZX Exchange has unexpectedly withdrawn the registration proposals for a Solana (SOL) Spot ETF from VanEck and 21Shares. This comes just over a month after these proposals were introduced in early July.
This decision primarily stems from concerns raised by the US Securities and Exchange Commission (SEC). According to The Block, the SEC has discussed with Cboe, emphasizing that Solana (SOL) could still be considered a security under current US regulations.
In response, VanEck quickly withdrew its Solana ETF registration before the deadline for publication in the US Federal Register. This milestone marks the beginning of the countdown for the SEC to decide whether to approve or deny the proposal. However, as of the time of this writing, the registration forms from VanEck and 21Shares are still available on the SEC’s public information system.
This event not only raises questions about the future of Solana-related ETF funds but also reflects the challenges faced by cryptocurrency-based investment products in the increasingly stringent legal environment in the US.
While the US SEC shows little interest in the Solana Spot ETF, the Brazilian Securities and Exchange Commission (CVM) has recently approved the first Solana Spot ETF in Brazil and globally. This investment product is offered by QR and will be managed by Vortx.
According to Cointelegraph, the fund is still awaiting approval from B3 to officially start trading. Although the official launch date has not been set, it is expected to occur within a maximum of 90 days.
