
Author: Sahil Thakur
Solana ETF bids have started to trickle in at the SEC as Wall Street is abuzz with cryptocurrency talk and the digital asset regulatory scene shifts course. Following VanEck’s punt for a Solana (SOL) Trust, fellow wealth manager 21Shares has filed its “21Shares Core Solana ETF” with the Securities and Exchange Commission (SEC), documents submitted on Friday showed. Both filings notably removed crypto staking from bids, a common decision for crypto-backed ETFs lately.
Classifying Solana’s native token as a commodity instead of a security has been a shared theme among spot SOL ETF filings thus far.
On June 27, VanEck’s head of digital assets research, Matthew Sigel, wrote that SOL functions similarly to other digital commodities like Bitcoin and Ether as a transaction fee facility and payment currency for blockchain computational services. Additionally, Sigel posited that no single entity or intermediary controls the SOL network, further solidifying its decentralized framework and commodity status. The broad range of applications and services supported by the SOL ecosystem, from decentralized finance (DeFi) to NFTs, underscores SOL’s utility and value as a digital commodity.
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