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VanEck Files for Spot Solana ETF

Will the SEC reverse its stance that SOL is an unregistered security?
David C David C Jun 27, 20241 min read
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VanEck Files for Spot Solana ETF

VanEck filed for a spot Solana ETF with the SEC this morning that, if approved, would be listed on the Cboe BZX exchange.

What's the scoop?

  • Regulatory Uncertainty: VanEck acknowledges a lack of clear regulatory guidance on handling spot SOL transactions, arguing that Solana should be treated as a commodity, contrasting with the SEC's stance last summer, which classified Solana as an unregistered security.
  • Expert Commentary: Matthew Sigel, VanEck’s head of digital assets research, likened SOL's role to that of BTC and ETH, emphasizing its utility for transaction fees and computational services on the network.
  • Market Context: VanEck is the first US firm to file for a Solana ETF. Meanwhile, in Canada, 3iQ has proposed a Solana exchange-traded product (ETP) to be listed on the Toronto Stock Exchange, pending approval.

Bankless Take:

VanEck's SOL filing marks a significant step for the asset and the industry as a whole. Positioning SOL as a commodity puts the SEC on the defensive over its previous classification of SOL as a security. It’s important we not get ahead of ourselves though – we’re still waiting for the ETH ETFs – so in the most bullish outcome, it would likely be a while before we see Solana on the stock market. That said, the race is on, and hopefully, with another stake-able asset applying for an ETF, it will provide the SEC more impetus to clarify how exactly staking affects asset classification.

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David C

Written by David C

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David is a writer/analyst at Bankless. Prior to joining Bankless, he worked for a series of early-stage crypto startups and on grants from the Ethereum, Solana, and Urbit Foundations. He graduated from Skidmore College in New York. He currently lives in the Midwest and enjoys NFTs, but no longer participates in them.

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