Matthew Sigel the Head of Digital Asset Research at asset manager VanEck noted that Solana is a commodity like Bitcoin and Ethereum citing legal perspectives
VanEck, a leading asset manager, has remained optimistic about the approval of its Solana exchange-traded fund (ETF) following reports that the company's 19b-4 filing for the ETF was briefly removed from the CBOE website.
VanEck Executive Believes Solana Is A Commodity
In response to these rumors, Matthew Sigel, Head of Digital Asset Research at VanEck, took to Twitter to address the matter and express the company's stance on the classification of Solana (CRYPTO: SOL).
"For the record, VanEck believes SOL is a commodity, much like BTC and ETH. 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," Sigel stated.
The asset manager's optimism toward the approval of its Solana ETF is further supported by the increasing demand for new ETFs in the market.
Following the launch of Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) ETFs earlier this year, the race to introduce new ETFs has gained significant momentum among both users and companies.
VanEck's 19b-4 filing was initially submitted in January, proposing the creation of a new ETF that would track the performance of Solana. The ETF was set to be listed on CBOE BZX Exchange.
However, eagle-eyed crypto commentators noticed that the filing was later removed from the CBOE website, sparking rumors and speculation about the status of VanEck's Solana ETF application.
Theساسنافية of the matter is that the filings for VanEck's Solana ETF were briefly removed from the CBOE website, but they have since been restored.
This aligns with the asset manager's optimism toward the approval of its Solana ETF, which is further bolstered by the increasing demand for new ETFs in the market.
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