According to The Block, the US Securities and Exchange Commission (SEC) has engaged in discussions with prospective issuers of a Solana ETF, expressing concern over whether Solana could be considered a security. Following these discussions, the SEC and Cboe agreed not to submit a 19b-4 form related to a Solana ETF to the Federal Register. Last weekend, the 19b-4 documents submitted by Cboe on behalf of the issuer were removed from its official website, and similarly, these documents are no longer found in the Federal Register. For approval, a 19b-4 form must first be approved, followed by the effectiveness of an S-1 registration statement. Currently, VanEck's Solana ETF's S-1 registration statement is still displayed on the SEC's filing system EDGAR. Meanwhile, 21Shares' S-1 registration statement document is no longer appearing in search results but can still be accessed via direct links. Considering that the SEC had previously identified Solana as a security in court documents, this stance is unsurprising for the issuers. Industry sources anticipate that new documents or revisions to the 19b-4 form may be forthcoming to argue that Solana is not a security. Despite the clearance of regulatory hurdles and commencement of trading for spot Bitcoin and Ethereum ETFs, most market observers had anticipated that the SEC would be less willing to approve new Solana funds.