VanEck and 21Shares, two prominent financial firms, have sent shockwaves through the crypto community after their 19b-4 filings for a spot Solana ETF mysteriously disappeared from the Cboe website. The sudden removal of these crucial documents, which outlined the proposed Solana ETFs to the Securities and Exchange Commission (SEC), has ignited speculation about the future of the products.
The two companies had initially filed S-1 forms in June, expressing their intent to launch spot Solana ETFs following the SEC’s approval of multiple spot Ethereum ETFs. Subsequently, they submitted 19b-4 filings in July, marking the next step in the ETF approval process. However, these filings have now vanished without explanation.
Industry experts are divided on the implications of this development. Scott Johnsson, general counsel at Van Buren Capital, believes the SEC’s stance against crypto, particularly under the leadership of Gary Gensler, makes it unsurprising that the Solana ETF applications might face rejection. Nate Geraci, president of ETFStore, echoes this sentiment, suggesting that a Solana ETF approval is unlikely in the current regulatory climate.
Also Read: Solana Price Jumps 8% On ETF Hopes As VanEck Challenges BlackRock
The disappearance of the filings coincides with a broader downturn in the crypto market, characterized by a decline in the price of Solana (SOL) and a surge in investor fear. The fear and greed index, a popular market sentiment indicator, has plummeted, reflecting a climate of uncertainty and apprehension.
While the reasons behind the removal of the 19b-4 filings remain unclear, the incident underscores the challenges faced by crypto-related products in gaining regulatory approval in the United States. As the situation unfolds, investors and industry participants will be closely monitoring for further developments that could shape the future of Solana ETFs and the broader crypto landscape.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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