U.S. SEC Rejects CBOE's Spot Solana ETF Filing

U.S. SEC Rejects CBOE's Spot Solana ETF Filing

The U.S. Securities and Exchange Commission (SEC) has reportedly rejected a spot Solana (SOL) exchange-traded fund (ETF) filing by the Chicago Board Options Exchange (CBOE), according to a report from The Block citing sources familiar with the matter. CBOE had initially filed a 19b-4s (change in trading rules) document with the SEC in July to list a spot SOL ETF from VanEck and 21Shares but later withdrew the filing on Dec. 20 from its website. "As previously reported, the SEC staff had raised concerns with CBOE about the proposed Solana spot ETF, and the rejection appears to be related to those concerns," the publication noted. "21Shares declined to comment when contacted by The Block about the filing and its withdrawal." The SEC has yet to publicly confirm the rejection of CBOE's spot Solana ETF filing, but sources familiar with the matter say that the decision is final. The SEC has not provided a specific reason for the rejection, but it is likely due to concerns about the underlying asset, Solana. Solana has been plagued by outages and scalability issues in the past, and the SEC may not be comfortable with approving an ETF that is based on such a volatile asset. The rejection of CBOE's spot Solana ETF filing is a setback for the cryptocurrency industry, as it shows that the SEC is still not comfortable with approving ETFs that are based on digital assets. However, it is important to note that the SEC has not ruled out approving a spot Solana ETF in the future. If Solana can address the concerns of the SEC, it is possible that a spot Solana ETF will be approved in the future. ```