21Shares submits Solana ETF application to the SEC

Enjoyment is brewing on Wall Avenue as Solana ETF proposals make their way to the SEC amidst a whirlwind of cryptocurrency conversations and dynamic shifts in digital asset laws.

21Shares has thrown its hat in the ring with its current submission of the “21Shares Core Solana ETF” to the Securities and Trade Commission (SEC), following VanEck’s guide in proposing a Solana (SOL) Trust. Notably, the two filings have opted to exclude crypto staking, a development noticed in quite a few new crypto-backed ETF programs.

SOL has emerged as a prominent player in this cycle, standing together with Bitcoin (BTC) and Ethereum (ETH) in the spotlight. With the the latest acceptance of Bitcoin ETFs and upcoming Ethereum ETFs, SOL is poised to develop into the upcoming cryptocurrency to catch the attention of institutional financial investment through an exchange-traded fund.

Despite the excitement encompassing SOL ETFs, authorities, such as Wintermute CEO Evgeny Gaevoy, foresee that the start of location SOL ETFs could confront difficulties right up until at least upcoming 12 months. Gaevoy also suggests that the lukewarm reception to spot ETH ETFs could deter investors from leaping into yet another crypto expense products.

Advocates for Solana ETFs spotlight SOL’s commodity position

A lot of proposals for location SOL ETFs share a prevalent thread of classifying Solana’s indigenous token as a commodity fairly than a protection. This technique aligns with the procedures utilized by prospective place Ethereum ETF issuers.

In a assertion on June 27, VanEck’s head of electronic belongings analysis, Matthew Sigel, likened SOL to other electronic commodities like Bitcoin and Ether, citing its function as a transaction charge facilitator and payment currency for blockchain providers. Sigel emphasized the decentralized nature of the SOL network, highlighting its status as a electronic commodity valued for its utility across many purposes, from decentralized finance to NFTs.