After the spot Bitcoin and Ethereum ETFs, two applications for Solana ETFs had come in. While the SEC was discussing what to do about the Solana ETFs, these applications encountered SEC obstacles.
Accordingly, the SEC rejected the 19b-4 filings filed by Cboe BZX on behalf of two potential Solana ETF issuers and removed them from the CBOE website.
While the SEC’s rejection of the Solana ETFs has caused market speculation about the future of SOL, VanEck head of digital assets research Matthew Sigel has demystified the speculation about the Solana ETFs.
We Will Fight For Solana (SOL) ETFs!
Matthew Sigel said VanEck is determined to get approval for the Solana ETF despite the SEC obstacle, adding that they will fight for SOL and are actively engaging with regulators.
Confirming that the 19b-4 for the VanEck Solana ETF has been removed from the CBOE website, Sigel explained that this is not the end of VanEck's spot Solana ETF goals and that they will continue to work on the SOL ETF.
“Note that exchanges like Nasdaq and CBOE have made rule changes (19b-4) to list new ETFs.
Issuers like VanEck are responsible for their S-1 filings. Our filing remains in play.
For the record, VanEck believes Solana is a commodity like Bitcoin and Ethereum.
This belief is supported by evolving legal perspectives where courts and regulators are beginning to recognize that certain crypto assets may function as securities in primary markets but behave like commodities in secondary markets.
“Furthermore, Solana’s decentralized infrastructure combined with the utility and economic role of SOL aligns it closely with digital commodities like BTC and ETH. We are committed to defending this position to the appropriate regulators, together with our exchange partners.”
In its now-unavailable 19b-4 filing filed in July, Cboe was seeking SEC approval to list VanEck and 21Shares’ Solana ETFs.
For the record, VanEck believes SOL is a commodity, much like BTC and ETH. This belief is informed by evolving legal perspectives, where courts and regulators have begun to recognize that certain crypto assets may function as securities in primary markets but behave more like…
— matthew sigel, recovering CFA (@matthew_sigel) August 19, 2024
*This is not investment advice.
