21Shares announced its filing for the launch of a SOL ETF in the US, following VanEck as the second company to make such an application. Interestingly, both 21Shares and VanEck share a similar view that Solana’s native token, SOL, should be classified as a commodity. However, this claim has met with a challenge from the US Securities and Exchange Commission (SEC), reportedly with the SEC’s enforcement division suggesting that SOL is actually a security. This indicates that 21Shares may face legal challenges and uncertainties from regulatory bodies during project execution. Additionally, it is reported that 21Shares’ SOL ETF will be provided with custodial services by Coinbase Custody.