VanEck Perseveres with Solana ETF Plans Despite Regulatory Hurdles

• The asset management firm VanEck is firm on advancing its efforts to introduce a Solana exchange-traded fund (ETF).
• This determination continues despite the recent removal of a related regulatory filing by Cboe Global Markets from its website.
• Matthew Sigel, head of digital assets research at VanEck, has provided clarifications regarding these developments.

VanEck pushes forward with plans for a Solana ETF despite recent regulatory uncertainties.

VanEck and the Ongoing Solana ETF Initiative

VanEck’s commitment to launching a Solana ETF remains steadfast. This comes in light of Cboe Global Markets’ sudden removal of a regulatory filing related to the fund from its website. The filing in question, a 19b-4 document, was initially submitted to earn U.S. Securities and Exchange Commission (SEC) approval for listing the ETF. Despite this unexpected action, VanEck assures stakeholders that the S-1 prospectus for the Solana ETF remains active, signaling that the project is still underway.

Disappearance of the Cboe Regulatory Filing

The removal of the Cboe filing has inevitably prompted speculations among market observers. It was initially filed on July 8 and included applications from both VanEck and 21Shares for their respective Solana ETFs. However, as of August 9, the document vanished from Cboe’s website, igniting rumors and uncertainties regarding its status. Speaking on the issue, Summers, co-founder of Synoptic, pointed out that the SEC had not provided a clear statement regarding the filing, raising further questions about the ETF’s future.

Industry Experts Express Reservations

The removal of the regulatory filing has caused concern among experts, pointing to potential delays or rejections under current SEC guidelines. Scott Johnsson, general counsel at Van Buren Capital, expressed doubts, suggesting that the SEC might not approve the Solana ETF under Chair Gary Gensler’s administration. Johnsson speculated that the SEC might consider Solana improperly categorized as a commodity, which could be a significant factor behind the absence of an official disapproval notice. Similarly, Nate Geraci, president of the ETF Store, shared this skepticism, indicating that such hurdles could impede the approval process.

VanEck’s Persistent Advocacy

Despite these challenges, VanEck remains unwavering in its pursuit of the Solana ETF. Matthew Sigel reiterated the firm’s belief that Solana shares characteristics similar to Bitcoin and Ethereum, thus classifying it as a commodity. This view is supported by various legal opinions and evolving regulatory stances that recognize certain cryptocurrencies as commodities in secondary markets. Sigel emphasized VanEck’s commitment to collaborating with exchange partners to advocate this perspective to relevant regulatory authorities faithfully.

Conclusion

VanEck’s determination to launch a Solana ETF highlights its confidence in the asset’s commodity-like nature. Despite the removal of critical regulatory filings and the skepticism among industry experts, VanEck continues to push forward, using legal and market arguments to support its case. The company’s efforts underscore a broader debate regarding the classification of crypto assets, promising ongoing developments and discussions in the financial landscape.