US Securities and Exchange Commission (SEC) rejected CBOE’s Solana ETF 19b-4 filings on behalf of 21Shares and VanEck companies, according to The Block.

It was learnt that the SEC conveyed its concerns to the applicant companies that SOL is a security. While the filings were rejected, they were also removed from CBOE’s official website.

On the other hand, the SEC’s EDGAR system, similar to the PDP in Turkey, no longer includes the S-1 file for 21Shares’ Solana ETF. VanEck’s S-1 file is still in place. Matthew Sigel, VanEck’s head of research, said the process is ongoing.

It is stated that Solana ETFs can be approved in the first quarter of 2025 at the earliest. Especially the elections in November are thought to be decisive for these ETFs. If the democrats win the elections, Solana ETFs are likely to be delayed for a long time.

SOL, which reached $195 about a month ago, is trading at $145 today.