- VanEck’s S-1 prospectus for the Solana ETF remains active, signaling ongoing commitment to the fund’s launch.
- VanEck collaborates with partners and regulators to classify Solana as a commodity akin to Bitcoin and Ether.
VanEck’s initiative to introduce a Solana exchange-traded fund (ETF) remains on course despite recent procedural adjustments concerning its regulatory filings. On August 19, Matthew Sigel, head of digital assets research at VanEck, clarified via a tweet that the withdrawal of the 19b-4 filing from the Cboe Global Markets website does not derail their plans.
Some have noticed that the 19b-4 for the VanEck Solana ETF has been removed from the CBOE website.
Remember that Exchanges like Nasdaq & CBOE file rule changes (19b-4) to list new ETFs. Issuers like VanEck are responsible for the prospectus (S-1). Ours remains in play. https://t.co/9rbSHciSdy— matthew sigel, recovering CFA (@matthew_sigel) August 19, 2024
The 19b-4 filing, initially submitted on July 9, is for obtaining SEC approval to list the ETFs. Although removed from the Cboe website on August 9, this development does not equate to a withdrawal of the ETF proposal itself.
Forms 19b-4 for VanEck and 21Shares Solana ETFs appear to have been removed from the CBOE website.
Documents SR-CboeBZX-2024-066 & SR-CboeBZX-2024-067 aren’t accessible anymore via direct link, and are no longer visible in BZX Pending Rule Changes.
Another interesting thing is… pic.twitter.com/t81kVGJ3uH
— Summers (@SummersThings) August 16, 2024
Sigel distinguished the 19b-4 filing from the S-1 prospectus, which is filed directly by ETF issuers and remains active, indicating ongoing efforts to launch the Solana ETF.
This clarification comes amid broader discussions on the classification of digital assets. Following successful ETF launches for Bitcoin and Ether, which are regarded as commodities, VanEck aims to have Solana similarly classified to fit within these established fund structures.
Despite existing uncertainties, VanEck continues collaborating with exchange partners and regulators to advance the Solana ETF proposal. The firm is navigating through a complex regulatory landscape, aiming to expand investor access to cryptocurrencies like Solana, recognized for its potential similarities to Bitcoin and Ether.
In related discussions, although the U.S. market has welcomed spot Ethereum ETFs, the outlook for a Solana-based fund remains cautious.
The SEC has directly categorized Solana as an unregistered security, which complicates the approval process. Market capitalization also plays a role; Solana’s relatively smaller market share compared to Bitcoin and Ethereum could influence the SEC’s evaluation.
Yes…
Solana ETF not happening anytime soon under current administration. https://t.co/z18gRIFzEr pic.twitter.com/zSL5PMjDC6
— Nate Geraci (@NateGeraci) August 17, 2024
Crypto Influencer has repeatedly mentioned the viability of a spot Solana ETF, suggesting that the digital currency’s operations do not significantly differ from Ethereum’s. He speculated that political changes, such as a new administration or changes within the SEC, might favor the crypto sector and potentially facilitate the approval of such ETFs.
As the regulatory and political sector evolve, VanEck and its partners remain committed to pushing forward with their plans, despite the challenges posed by current regulatory perspectives and market conditions.
SOL, represented as $SOL in the market, is currently showing signs of bullish momentum after finding support around the $145 mark.
This means that the price of SOL has ceased to decline upon reaching this price level and might be starting to recover or increase again.
