Matthew Sigel, VanEck’s head of digital belongings analysis, mentioned the agency’s Solana spot exchange-traded fund (ETF) software continues to be energetic regardless of the removing of the 19b-4 kind from the Chicago Board Choices Change (Cboe) web site.
Over the weekend, the crypto group observed that the 19b-4 filings for VanEck and 21Shares—paperwork filed by exchanges on behalf of issuers—had disappeared from the Cboe website. Stories later urged the removing stemmed from issues that the US Securities and Change Fee (SEC) may classify the SOL token as a safety.
Submitting 19b-4 varieties is a vital step within the ETF approval course of, as these varieties define the required info for itemizing an ETF product. So, their removing casts doubt on the possibilities of a Solana ETF transferring ahead.
Nevertheless, Sigel, whereas acknowledging the removing of the 19b-4 varieties, emphasised that the S-1 registration statements are nonetheless into account. He defined:
“Exchanges like Nasdaq & CBOE file rule modifications (19b-4) to listing new ETFs. Issuers like VanEck are accountable 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 of a commodity, just like Bitcoin and Ethereum, each of which have accredited spot ETFs.
He famous that evolving authorized views assist this perception. In keeping with him, courts and regulators are starting to acknowledge that some digital belongings could 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 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 international locations, 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 function, positions it alongside digital commodities like BTC and ETH.
