Solana Price Hit by SEC Roadblock: Is Solana a Security? ETF Plans in Jeopardy
The Solana price has gained by 3.5% today, reaching $146.56 as the wider market posts a 3% increase in the past 24 hours.
SOL is now up by 5.5% in a fortnight, with its action today coming amid news that the SEC is blocking Solana ETFs because it classifies the altcoin as a security.
This potentially leaves plans for SOL-based ETFs up in the air, with CBOE removing the VanEck and 21Shares ETFs from its website in the past 24 hours.
Yet VanEck has affirmed that its application for a Solana ETF “remains in play,” and given SOL’s fundamentals and recent momentum, its prospects over the medium- and long-term remain strong.
It has emerged today that the SEC and CBOE have halted the filing process for Solana ETFs, largely as a result of the SEC’s concerns that SOL is a security.
so what's happening with the Solana ETFs? A tldr;
– Well, the SEC rejected the 19b-4 filings by exchanges on behalf of issuers
– In conversations, the agency reiterated its view that SOL is a security
– VanEck's S-1 is still in play
– Exchanges may refile/amend 19b-4s in near…
This is potentially a big blow for SOL, yet the market’s response to the news has been very calm, with the Solana price rising in the past 24 hours.
Some of this calmness has stemmed from the fact that VanEck has basically brushed the concerns aside, with its head of digital assets, Matthew Sigel, taking to X to say that it believes “SOL is a commodity” and that its application for a Solana ETF remains live.
As such, it’s arguable that things remain basically where they were, given that the SEC has publicly regarded Solana as a security for quite some time.
That the status quo remains the same is reflected in SOL’s chart, which is an interesting position right now.
Its 30-period moving average
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