SEC Rejects Solana ETFs: VanEck, 21Shares Stay Optimistic
The Key Points in Brief
Applications for Solana ETFs by VanEck and 21Shares have encountered problems after being removed from the Chicago Board Options Exchange (CBOE) website. Despite these challenges, the price of Solana (SOL) remains stable, possibly indicating hidden opportunities. The SEC has rejected the filings, but there is still hope that the applications can be revised and resubmitted.
No Prospect for Solana ETF?
The SEC has rejected the filings for Solana ETFs submitted by CBOE BZX, leading to their removal from the website. This development raises questions about the future of Solana ETFs. However, Matthew Sigel, head of the digital assets research department at VanEck, is trying to allay concerns by emphasizing that their ETF application is still being considered.
Optimism Despite Setbacks
Despite the removal of the applications from the CBOE website, Sigel remains optimistic and states that the process for their Solana ETF is still ongoing. This statement is intended to provide clarity and alleviate concerns about the end of their Solana ETF proposal.
The Current Situation
After a 19b-4 application was submitted to the SEC on July 9th to list the proposed Solana ETFs from VanEck and 21Shares, this application disappeared from the CBOE website a month later. This led to speculation about the current status and possible withdrawal of the ETF proposals. The SEC has rejected the 19b-4 forms, meaning that the Solana ETF applications could not proceed for approval.
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Impact on the SOL Price
Despite the news, SOL’s price action remained relatively stable and recorded a modest increase of 1.3% in the last 24 hours. This suggests that the market may have already priced in negative news or that investors continue to view Solana’s long-term prospects positively.
Our Assessment
The recent developments surrounding the Solana ETF applications highlight the challenges that cryptocurrency ETFs face in gaining approval from regulatory authorities. Nevertheless, the price of SOL remains stable, which could be a sign of investors’ confidence in Solana’s long-term strength and potential. Despite the setbacks, there is still hope that the applications can be revised and possibly approved in the future. For investors, this could represent an opportunity to consider SOL, especially if they believe in the long-term prospects of the cryptocurrency.
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Sources: CoinMarketCap, Trading View
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