VanEck Files for Solana ETF in the US Describing SOL as a Commodity

Title VanEck Files for Solana ETF in the US Describing SOL as a Commodity

Title VanEck Files for Solana ETF in the US Describing SOL as a Commodity

Fund management company VanEck has applied for a Solana ETF that tracks the price of SOL in the United States. Matthew Sigel, the Head of Digital Asset Research at VanEck, stated on Thursday (27th) on the X platform:

Source:
Matthew Sigel

According to VanEck’s S-1 registration statement, the “VanEck Solana Trust” plans to list on the Cboe BZX Exchange, a securities exchange under the Chicago Board Options Exchange (CBOE). The fund will hold the native token of Solana, SOL, “and will value its shares daily based on the reported MarketVectorTM Solana Benchmark Rate.”

Sigel claimed in a tweet that SOL is a commodity because it has “similar functionality” to Bitcoin (BTC) and Ethereum (ETH). However, the U.S. Securities and Exchange Commission (SEC) stated last year, when it filed charges against the cryptocurrency exchange Binance, that SOL is a security. The question of whether certain cryptocurrencies fall under the jurisdiction of the SEC as securities or the Commodity Futures Trading Commission (CFTC) as commodities still remains.

Sigel also mentioned that after the news of VanEck’s application for a Solana ETF in the United States was released, the price of SOL rose by nearly 8% within two hours. As of the time of writing, the trading price of SOL is approximately $150.8.

Data source.