Solana ETF filings pulled after U.S. SEC raises security classification concerns

Before the recent removal of the 19b-4 filings for VanEck and 21Shares Solana ETFs from the Chicago Board Options Exchange (Cboe), the U.S. Securities and Exchange Commission (SEC) had reportedly engaged in discussions with potential Solana ETF issuers. According to a source familiar with the matter who spoke to The Block, these discussions centered around the SEC's concerns regarding the potential classification of Solana as a security. Following the discussions, the SEC and the Cboe agreed not to file the 19b-4 forms to the Federal Register. This move was expected, as the SEC had previously labeled Solana as a security in court filings. The source also noted the possibility of future filings or amendments to argue more effectively that Solana is not a security.