Background on the ETF Filings
In June, 21Shares and VanEck submitted S-1 forms to seek approval for launching Solana ETFs. Their applications were referenced as SR-CboeBZX-2024-067 and SR-CboeBZX-2024-066. However, these filings are no longer accessible on the CBOE website, and there have been no Notices of Filings from the U.S. Securities and Exchange Commission (SEC) regarding these applications.
Possible Reasons for the Disappearance
The absence of these documents raises several possibilities:
- Withdrawal: The applications might have been withdrawn by 21Shares and VanEck.
- Rejection: The SEC could have rejected the applications.
Industry Reactions
The removal of these filings has drawn criticism from industry professionals:
- Matthew Sigel, Head of Research at VanEck: Sigel expressed disappointment, particularly since Brazil recently approved Solana ETFs. He criticized the U.S. for lagging behind other countries in digital asset regulation and for insufficient support from U.S. lawmakers.
- Scott Johnsson, General Counsel at Van Buren Capital: Johnsson blamed SEC Chair Gary Gensler for the situation. He speculated that procedural issues might have led to the removal of the filings from the CBOE website.
Implications for the Financial Sector
This situation highlights ongoing challenges in the U.S. regulatory environment for digital assets. The disappearance of these ETF filings may affect investor confidence and raise questions about the future of digital asset regulation in the U.S. as compared to other countries.
As the situation develops, it will be crucial for both 21Shares and VanEck, as well as industry stakeholders, to seek clarification and navigate the regulatory landscape to advance their digital asset initiatives.
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