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    Home»ETFs»Solana A Security? SEC Concerns Reportedly Led To Pause In ETF Filing Process – Emeren Group (NYSE:SOL)
    ETFs

    Solana A Security? SEC Concerns Reportedly Led To Pause In ETF Filing Process – Emeren Group (NYSE:SOL)

    August 20, 2024


    The SEC has reportedly raised questions about whether Solana SOL/USD should be classified as a security, potentially leading to a halt in filings related to its exchange-traded funds.

    What Happened: The SEC held discussions with ETF applicants and communicated concerns over Solana’s status as a security, as reported by The Block on Monday.

    After these discussions, the SEC and exchange operator Cboe Global Markets Inc. CBOE decided not to submit the 19b-4 forms to the Federal Register, which would have started the approval process. This action prevents the SEC from being pressured to make decisions about the prospective Solana ETFs.

    The SEC didn’t immediately respond to Benzinga’s request for comment on the matter.

    See Also: Donald Trump Now 10 Points Behind Vice President Kamala Harris In The Election Odds, Prediction Market Data Shows

    Why It Matters: Over the weekend, it was observed that the 19b-4 filings, typically submitted by exchanges on behalf of issuers, are no longer visible on the Cboe website.

    The filing of the 19b-4 document was the second step in getting ETFs greenlighted, following the submission of S-1 documents by VanEck and 21Shares in late June.

    Amid the speculations, Matthew Sigel, the Head of Digital Assets Research at VanEck, lent support to SOL, stating that the asset manager considers SOL a commodity, like Bitcoin BTC/USD and Ethereum ETH/USD.

    For the record, VanEck believes SOL is a commodity, much like BTC and ETH. This belief is informed by evolving legal perspectives, where courts and regulators have begun to recognize that certain crypto assets may function as securities in primary markets but behave more like…

    — matthew sigel, recovering CFA (@matthew_sigel) August 19, 2024

    Earlier this month, Brazil approved its first-ever Solana ETFs, paving the way for mainstream investors to gain exposure to the price moves of the world’s fifth-largest cryptocurrency.

    Price Action: At the time of writing, SOL was unaffected, rising 2.72% in the last 24 hours, according to data from Benzinga Pro. 

    Read Next:

    Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

    Market News and Data brought to you by Benzinga APIs

    © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.





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