Matthew Sigel, head of digital asset analysis at VanEck, stated Solana's spot exchange-traded fund (ETF) software continues to be energetic regardless of the removing of the Type 19b-4 from the Chicago Board Choices Change (Cboe) web site.
Over the weekend, the crypto neighborhood observed that 19b-4 filings for VanEck and 21Shares — paperwork filed by exchanges on behalf of issuers — had disappeared from the Cboe web site. Studies later recommended that the removing stemmed from considerations that the US Securities and Change Fee (SEC) would possibly classify the SOL token as a safety.
Submitting Kinds 19b-4 is a crucial step within the ETF approval course of as a result of these types define the knowledge essential to listing an ETF product. So their removing casts doubt on Solana ETF's probabilities transferring ahead.
Nevertheless, Sigel, whereas acknowledging the removing of Kinds 19b-4, emphasised that S-1 registration statements are nonetheless being thought-about. He defined:
“Exchanges equivalent to Nasdaq and CBOE file rule modifications (19b-4) for itemizing new ETFs. Issuers equivalent to VanEck are chargeable for the prospectus (S-1). Ours keep within the recreation.”
SOL safety standing
Relating to SOL's safety classification, Sigel echoed VanEck's sturdy perception that Solana needs to be thought-about a commodity, just like Bitcoin and Ethereum, which have each authorised spot ETFs.
He famous that evolving authorized views help this perception. In line with him, courts and regulators are starting to comprehend that some digital property might operate as securities in main markets, however act extra like commodities in secondary markets.
Sigel additionally highlighted Solano's progress on decentralization. He famous that the highest 100 holders now management about 27% of the provision, down considerably from a yr in the past. Moreover, the highest 10 addresses now maintain lower than 9%.
added:
“With greater than 1,500 validators in 41 international locations working in additional than 300 completely different information facilities, Solana boasts a Nakamoto coefficient of 18, which outperforms many of the networks we monitor. The upcoming Firedancer consumer will additional strengthen decentralization and be certain that no single entity can dominate the blockchain.
Sigel concluded that this decentralized construction, mixed with SOL's utility and financial position, places it alongside digital commodities like BTC and ETH.
