VanEck Exec Remains Confident On Solana ETF Launch, Here’s Why

VanEck Executive Matthew Sigel has expressed optimism toward the approval of its Solana ETF citing several factors to quell slight worries. Crypto commentators noted that the company’s 19b-4 was removed from the CBOE website. The race to new ETFs has attracted huge momentum as users await more assets to join the ETF craze after Bitcoin and Ethereum products.

VanEck Executive Says Solana Is A Commodity

Matthew Sigel the Head of Digital Asset Research at asset manager VanEck noted that Solana is a commodity like Bitcoin and Ethereum citing legal perspectives amongst others. This came after talks of the CBOE website removing the company’s filings. In a recent tweet, Sigel highlighted that courts can view certain assets as both securities and commodities depending on the markets.

“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 commodities in secondary markets.”

The United States Securities and Exchange Commission (SEC) has tagged several assets as securities reducing investors sentiments in the market. The regulators have also filed lawsuits on crypto exchanges offering trading services to alleged securities. This reduced the market growth including heightened talks of more decentralization in the market. The company’s executive also pointed to Solana’s infrastructure and utility as reasons. In another development, Sigel predicted the end of the SEC v Coinbase.

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

Decentralization Remains Pivotal

According to VanEck’s Sigel, Solana has made progress with network decentralization with the top 100 holders now with 27% of the supply, a significant reduction in the last 12 months. Furthermore, the network boasts of over 1,500 validators spanning 41 countries while 10% of addresses hold less than 9% of supply.

“The upcoming Firedancer client will further bolster decentralization, ensuring no single entity can dominate the blockchain. This decentralized infrastructure, combined with SOL’s utility and economic role, aligns it closely with digital commodities like BTC and ETH. We remain committed to advocating this position alongside our exchange partners to the appropriate regulators,” he added.