Matthew Sigel Remains Optimistic on Solana ETF Launch: Check it Out
VanEck’s Executive Matthew Sigel is optimistic about the approval of its Solana ETF due to various factors addressing concerns in the market. Notably, the company’s 19b-4 was removed from the CBOE website, signaling progress in the ETF race as investors anticipate new assets joining the market alongside Bitcoin and Ethereum products.
Matthew Sigel Stance on Solana
Sigel, VanEck’s Head of Digital Asset Research, asserts that Solana should be considered a commodity akin to Bitcoin and Ethereum from a legal perspective. This statement follows discussions about the removal of the company’s filings from the CBOE website. Sigel emphasizes that while certain crypto assets may function as securities in primary markets, they behave more like commodities in secondary markets, reflecting evolving legal perspectives.
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The Securities and Exchange Commission (SEC) in the United States has categorized numerous assets as securities, impacting investor sentiment. The SEC has also taken legal action against crypto exchanges offering trading services for alleged securities, contributing to reduced market growth and discussions about increased decentralization. Sigel highlights Solana’s infrastructure and utility as key factors. Additionally, Sigel predicts the conclusion of the SEC v Coinbase case.
Overview of the Decentralization
Emphasizing the importance of decentralization, Sigel notes Solana’s progress in this area. The top 100 holders now control 27% of the supply, marking a significant reduction over the last 12 months. Moreover, the network includes over 1,500 validators across 41 countries, with 10% of addresses holding less than 9% of the supply.
Final Thought
Looking ahead, Sigel anticipates that the upcoming Firedancer client will further strengthen decentralization, preventing any single entity from dominating the blockchain. This decentralized infrastructure, in conjunction with Solana’s utility and economic role, aligns closely with digital commodities such as BTC and ETH. VanEck remains committed to advocating this position to regulators alongside their exchange partners.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
