CoinJie.com Report:
Authored by: Yangz, Techub News
On June 27th, VanEck announced that it has submitted an application for theana Trust “VanEck Solana Trust” to the U.S. SEC and, if approved, will be listed on the Cboe BZX Exchange. Vanck Digital Assets is the sponsor of the trust, and Delaware Trust Company is the trustee. After announcement, SOL briefly exceeded 150 USDT and rose nearly 7% in 30 minutes.
In fact, after Ethereum spot ETF was approved last month, there been manyulations in the market about whether SOL will be the next approved cryptocurrency ETF. On one hand, given SOL’s market value and influence, some believe that it’s time for SOL to come next. On the other hand, considering that SEC previously categorized SOL as an unregistered security token, many investors believe that it is almost impossible for a SOL ETF to be approved.
So did VanEck submit an application for a Solana Trust this time? In addition to this from VanEck last Friday when Canadian digital asset management company 3iQ submitted its first North American Solana ETP; can we really expect SOL to become the next approved cryptocurrency ETF?
Firstly,
Sigel , Head of Digital Asset Research at VanEck believes that “the combination of high throughput capacity , low fees , strong security and a strong community atmosphere makes Solana attractive option for an ETF offering multiple functionalities and innovative open-source ecology.” In addition,
Matthew emphasized what may hinder approval of a potential SOLO ETF: “SOL is a”. He said that “the decentralized nature of SOL as well as its high utility value and economic viability are consistent with other established digital commodities which reinforces our belief in SOLO being a valuable commodity”.
In addition to what was mentioned by VanEck,
market maker GSR also published a report stating their bullish view on SOLO after this announcement.
GSR stated that considering spot ETFs are major drivers of price during current cycle periods
and partisan disputes resulting from elections have led regulatory agencies to relax their stance towards digital assets.
Through Securities Act and Commodity Definition Market Structure Act relating primarily
to defining securitiesmodities as digital assets
not only could potentially occur but also could even become highly probable.
GSR believes two key factors determining approval for next cryptocurrency spot
ETF includes degree of decentralization & potential demand.
GSR calculated decentralization score &VanEck Digital Assets has submitted an application for the VanEck Solana Trust to the U.S. SEC, with to list it on the Cboe BZX. If approved, this would a Solana-based ETF. The news caused SOL to briefly surpass 150 USDT and increase by nearly 7% just 30 minutesThere has been speculation in the market about whether SOL would be the next approved cryptocurrency ETF after Ethereum’s spot ETF approved last month. Some believe that it is now SOL’s turn due to its market and influence, while others think that its classification as an unregistered security token by the SEC makes it highly unlikely for a SOL ETF to be approved.
VanEck’s decision to submit a Solana Trust application is based on several reasons. Matthew Sigel, Head of Digital Asset Research at VanEck, believes that Solana’s combination of high throughput capacity, low fees, strong security, and a vibrant community make it an attractive option for investors seeking a multifunctional and innovative open-source ecosystem. He also emphasized that SOL should be considered as a commodity due to its decentralized nature and high utility value.
GSR, a market maker firm, also expressed optimism about the potential approval of SOL ETF after analyzing decentralization levels and potential demand among different blockchains. They believe that factors such as decentralization and demand play crucial roles in determining which cryptocurrency spot ETFs be approved.
However, some experts have expressed skepticism about the possibility of a SOL ETF being approved anytime soon. They argue that considering SEC’s classification of SOL as a security token and existing government decisions regarding cryptocurrencies like BTC or ETH-ETFs gaining approval seems unlikely at this point.
Overall, while there are differing opinions on whether or not we can expect a SOL ETF approval in the near future, current market trends suggest that spots play an important role in driving prices within cycles. Therefore,
whether it will be SOL or another cryptocurrency like LTC or DOGE remains but worth anticipating.
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