English
Arabic
Chinese (Simplified)
Indonesian
Russian
Matthew Sigel, VanEck’s head of digital property analysis, stated the agency’s Solana spot exchange-traded fund (ETF) software remains to be energetic regardless of the elimination of the 19b-4 type from the Chicago Board Choices Change (Cboe) web site.
Over the weekend, the crypto neighborhood seen that the 19b-4 filings for VanEck and 21Shares—paperwork filed by exchanges on behalf of issuers—had disappeared from the Cboe website. Experiences later steered the elimination stemmed from considerations that the US Securities and Change Fee (SEC) may classify the SOL token as a safety.
Submitting 19b-4 types is a vital step within the ETF approval course of, as these types define the required data for itemizing an ETF product. So, their elimination casts doubt on the probabilities of a Solana ETF transferring ahead.
Nevertheless, Sigel, whereas acknowledging the elimination of the 19b-4 types, emphasised that the S-1 registration statements are nonetheless into account. He defined:
“Exchanges like Nasdaq & CBOE file rule adjustments (19b-4) to record new ETFs. Issuers like VanEck are chargeable for the prospectus (S-1). Ours stays in play.”
SOL’s safety standing
Concerning SOL’s safety classification, Sigel reiterated VanEck’s agency perception that Solana must be thought-about a commodity, much like Bitcoin and Ethereum, each of which have authorised spot ETFs.
He famous that evolving authorized views help this perception. Based on him, courts and regulators are starting to acknowledge that some digital property could operate 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 provision, a big lower from a yr in the past. Moreover, the highest 10 addresses now maintain lower than 9%.
He added:
“With over 1,500 validators throughout 41 nations, working in additional than 300 distinct knowledge facilities, Solana boasts a Nakamoto Coefficient of 18—surpassing most networks we monitor. The upcoming Firedancer consumer 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.