Matthew Siegel, head of digital property analysis at VanEck, mentioned the agency's Solana spot exchange-traded fund (ETF) software stays legitimate regardless of the elimination of the 19b-4 kind from the Chicago Board Choices Change (CBOE) web site.
Over the weekend, the crypto group observed that VanEck and 21Shares' 19b-4 filings (paperwork filed by exchanges on behalf of issuers) had disappeared from Cboe's website. Subsequent studies steered the elimination stemmed from considerations that the U.S. Securities and Change Fee (SEC) would possibly classify SOL tokens as securities.
Submitting Type 19b-4 is a important step within the ETF approval course of as a result of these kinds include the data essential to listing an ETF product, so the elimination of this way calls into query the flexibility of the Solana ETF to maneuver ahead.
Nevertheless, whereas acknowledging the elimination of Type 19b-4, Siegel emphasised that the S-1 registration assertion continues to be underneath evaluation, explaining:
“Exchanges like Nasdaq and CBOE are submitting rule adjustments (19b-4) to listing new ETFs. Issuers like VanEck are chargeable for prospectuses (S-1s). Our tasks stay.”
SOL Safety Standing
Relating to SOL’s safety classification, Siegel reiterated VanEck’s agency perception that Solana ought to be thought-about a commodity, much like Bitcoin and Ethereum, which have authorised spot ETFs.
He famous that the evolving authorized perspective helps this notion: Courts and regulators are starting to acknowledge that some digital property might perform as securities in main markets however act like commodities in secondary markets, he mentioned.
Siegel additionally highlighted Solana's rising decentralization. He famous that the highest 100 holders at present management roughly 27% of the provision, a big lower from a 12 months in the past. Moreover, the highest 10 addresses at present maintain lower than 9% of the provision.
He added:
“With over 1,500 validators throughout 41 nations and working in over 300 knowledge facilities, Solana boasts a Nakamoto coefficient of 18, surpassing most networks we monitor. Our upcoming Firedancer consumer will additional strengthen decentralization and guarantee no single entity can dominate the blockchain.”
Siegel concluded that this decentralized construction, mixed with SOL’s utility and financial position, offers SOL equal standing to digital commodities resembling BTC and ETH.
