According to TheBlock, the U.S. Securities and Exchange Commission (SEC) discussed with ETF issuers its concerns that Solana could be classified as a security
The SEC and Cboe subsequently decided not to file the relevant Form 19b-4 to avoid starting the SOL ETF approval process.
VanEck’s registration statement for the Solana ETF is still available on the SEC’s search engine, while 21Shares’s has disappeared or been withdrawn.
ETF Store CEO Nate Geraci said that it is virtually impossible for a Solana ETF to be approved under the current administration.