Solana

<ul> 
 <li>Matthew Sigel, the head of Digital Assets Research at vanEck, is optimistic about the approval of a Solana ETF, citing its Commodity status and growing decentralization.</li> 
 <li>Matthew Sigel re-affirmed his optimism despite concerns over the removal of VanEck’s 19b-4 filing from the CBOE website.&nbsp;</li> 
</ul> 
Matthew Sigel, the head of Digital Assets Research at vanEck, has re-affirmed his optimism about the approval of a Solana ETF despite concerns over removing <a href="https://www.crypto-news-flash.com/solana-etf-faces-setback-as-filing-documents-disappear-from-cboe/" target="_blank" rel="noopener">VanEck’s 19b-4 filing</a> from the CBOE website.&nbsp; 
Over the weekend, crypto enthusiasts witnessed unprecedented events after noticing that the 19b-4 filings for <a href="https://www.crypto-news-flash.com/solana-etf-approved-vaneck-and-21shares-make-crypto-history/" target="_blank" rel="noopener">VanEck and 21Shares</a> had vanished from the Chicago Board Options Exchange (CBOE) Website. Subsequent reports raised concern, suggesting that the removal of these forms came from assumptions that the SEC might classify Solana as a security.&nbsp; 
It is worth noting that the removal of 19b-4 forms from the CBOE Website significantly compromises their prospects, as these forms provide essential information for listing a new ETF. 
Acknowledging that the aforementioned forms had been removed, Sigel took to the <a href="https://x.com/matthew_sigel/status/1825630561865715912" target="_blank" rel="nofollow noopener">X platform</a>, re-affirming to enthusiasts that the operation was still in play. Sigel stated: 
<blockquote>
 Remember that Exchanges like Nasdaq &amp; CBOE file rule changes (19b-4) to list new ETFs. Issuers like VanEck are responsible for the prospectus (S-1). Ours remains in play.
</blockquote> 
<h3 id="b-solana-is-a-commodity-asset-b">Solana is a Commodity Asset</h3> 
In light of the recent developments concerning VanEck’s 19-4 filing, Matthew Sigel emphasized Solana’s nature is of great importance for the ETF approval. In a recent post on the <a href="https://x.com/martypartymusic/status/1825632605238342026" target="_blank" rel="nofollow noopener">X platform</a>, Sigel noted that 
<blockquote>
 For the record, VanEck believes SOL is a commodity, much like BTC and ETH,
</blockquote> 
His comments come amid rapidly growing excitement and anticipation in the digital asset market. The crypto community is looking forward to new ETFs that will join titans like Bitcoin ETF and Ether ETF.&nbsp; 
Segal’s argument arises from the evolving legislative analysis, especially the Ripple vs. SEC lawsuit. The Ripple vs. SEC legal feud is a high-profile legal battle that has had significant implications for the cryptocurrency market, particularly regarding the regulatory status of digital assets. 
Segal stated that: 
<blockquote>
 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.
</blockquote> 
In addition, the&nbsp; U.S. Securities and Exchange Commission has previously labeled several crypto assets as securities, such as XRP, XLM, and TRON. This has also led to increased legal scrutiny of crypto exchanges like Binance, Coinbase, and Kraken. 
This heavy-handed legal approach has led to discussions of the importance of decentralization in a digital asset.&nbsp; Emphasizing the significance of decentralization in a digital asset, Sigel noted that the network has made significant strides in decentralizing its governance. 
Sigel noted that the top 100 holders only control 27% of the supply. Additionally, Solana boasts a network of over 1,500 validators spread across 41 countries. Segal has noted this as a key attribute that VanEck believes makes Solana an ideal candidate for ETF approval. 
<blockquote>
 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.” Sigel added.
</blockquote> 
Solana is&nbsp;<a href="https://www.crypto-news-flash.com/marketcap/" target="_blank" rel="noopener">swapping hands</a> with $142.23 at the time of writing, marking a 2.80% decline in the last 24 hours.&nbsp; 
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VanEck Exec Confident in Solana ETF, Highlights SOL’s Decentralization as Key Factor

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