The Chicago Board Options Exchange (CBOE) BZX has completed the required 19b-4 applications for a Solana ETF withdrawn on the advice of the U.S. stock market watchdog, insiders report to The Block. This confirms initial speculation that SEC Chairman Gary Gensler is responsible for the cancellation of the Solana ETF applications. This disappeared several days ago for no apparent reason from the CBOE website.

According to information from The Block, talks between the SEC and potential Solana ETF issuers are said to have taken place. In doing so, the U.S. regulator expressed concerns about Solana's status as a security.

Approval of a Solana ETF requires both 19b-4 forms and S-1 registration statements. The latter were a few months ago submitted by asset managers VanEck and 21Shares. Whether this means the Solana ETF is off the hook for good remains unclear. On EDGAR, the SEC's digital filing system, VanEck's S-1 application is still visible, but 21Shares' is not.

VanEck remains optimistic

According to statements from VanEck, formal review of the application is still expected. "As a reminder, exchanges such as Nasdaq and CBOE file rule changes (19b-4) to list new ETFs. Issuers like VanEck are responsible for the corresponding applications (S-1). Ours still stands," said Mathew Sigel, head of Digital Research, at X.

The chances of a Solana ETF, however, remain slim. BlackRock, the asset manager responsible for Bitcoin and Ethereum ETFs, recently closed further crypto index funds from.

Recently, some investors' hopes rose after alleged concessions from the SEC regarding Solana's status. The authority had refrained from naming SOL as a security in a recent case against Binance. However, the exchange watchdog now appears to have reintroduced this argument. The consensus in the crypto world, meanwhile, is that new listed crypto funds will not emerge until there is a new administration in the US.

What else is required for approval of a Solana ETF, read here.