21Shares applies to launch SOL ETF in the US, faces SEC classification challenge

21Shares has become the second company to apply for the launch of the SOL ETF in the United States. Like VanEck, 21Shares also believes that Solana's native token should be considered a commodity. However, the enforcement division of the U.S. Securities and Exchange Commission (SEC) has stated that SOL is a security, which could be a significant obstacle for these funds to launch. It is reported that 21Shares SOL will be managed by Coinbase Custody.