Matthew Sigel, VanEck’s head of digital belongings analysis, mentioned the agency’s Solana spot exchange-traded fund (ETF) utility continues to be energetic regardless of the removing of the 19b-4 kind from the Chicago Board Choices Alternate (Cboe) web site.
Over the weekend, the crypto neighborhood observed that the 19b-4 filings for VanEck and 21Shares—paperwork filed by exchanges on behalf of issuers—had disappeared from the Cboe web site. Experiences later urged the removing stemmed from considerations that the US Securities and Alternate Fee (SEC) would possibly classify the SOL token as a safety.
Submitting 19b-4 types is an important step within the ETF approval course of, as these types define the required info for itemizing an ETF product. So, their removing casts doubt on the probabilities of a Solana ETF shifting ahead.
Nonetheless, Sigel, whereas acknowledging the removing of the 19b-4 types, emphasised that the S-1 registration statements are nonetheless into account. He defined:
“Exchanges like Nasdaq & CBOE file rule modifications (19b-4) to record new ETFs. Issuers like VanEck are answerable for the prospectus (S-1). Ours stays in play.”
SOL’s safety standing
Relating to SOL’s safety classification, Sigel reiterated VanEck’s agency perception that Solana ought to be thought of a commodity, much like Bitcoin and Ethereum, each of which have authorized spot ETFs.
He famous that evolving authorized views help this perception. In accordance with him, courts and regulators are starting to acknowledge that some digital belongings might perform as securities in major markets however act extra like commodities in secondary markets.
Sigel additionally highlighted Solana’s progress in decentralization. He famous that the highest 100 holders now management about 27% of the availability, a big lower from a 12 months in the past. Moreover, the highest 10 addresses now maintain lower than 9%.
He added:
“With over 1,500 validators throughout 41 international locations, working in additional than 300 distinct information facilities, Solana boasts a Nakamoto Coefficient of 18—surpassing most networks we monitor. The upcoming Firedancer shopper will additional bolster decentralization, making certain no single entity can dominate the blockchain.”
Sigel concluded that this decentralized construction, mixed with SOL’s utility and financial position, positions it alongside digital commodities like BTC and ETH.
Talked about on this article
