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The path to Solana ETF approval could be dramatically influenced by a 2018 fraud case, according to a VanEck executive. The case's resolution may set a precedent for how Solana is regulated, potentially unlocking its ETF future.
Solana's Commodity Status Crucial for ETF Approval
A Solana exchange-traded fund may not materialize anytime soon, according to conventional thought; but, one CEO claims that a cryptocurrency fraud case that was closed in 2018 may change all that, Cointelegraph reports.
SOL, according to Matthew Sigel, Head of Digital Assets Research at VanEck, who recently published on X, is still considered a commodity by his organization, just like Bitcoin and Ether. Solana cannot get its own cryptocurrency exchange-traded fund (ETF) in the US without this designation.
On August 20th, he penned:
My Big Coin was a deceitful cryptocurrency payment provider, and Sigel was referring to a case that had been ongoing for six years but had recently been closed.
2018 Fraud Case Could Impact Solana ETF
In 2018, the company's founders were accused by the Commodities, Futures and Trading Commission of violating the Commodities Exchange Act by engaging in fraudulent sales of a "My Big Coin" token and providing false information about its use and worth to consumers.
Since there are no futures contracts referencing the My Big Coin (MBC) token, the defendants sought to dismiss the case on the grounds that it was not a commodity.
But the court didn't buy it, citing the fact that My Big Coin is a "virtual currency" similar to Bitcoin and drawing a comparison to natural gas.
2018 Fraud Case Could Unlock Solana’s ETF Future
The CFTC concluded that MBC qualifies as a commodity based on this evidence, so the lawsuit can proceed.
After a federal jury found the founder guilty in 2022, they handed down a sentence of 100 months in jail and a $7.6 million fine to those he deceived. Sigel chimed in:
“This same logic could apply to digital assets like Solana, and could shape the future of ETF regulation.”
On the other hand, some ETF analysts are less bullish about the immediate future.
According to Bloomberg ETF analyst Eric Balchunas, the Solana ETFs now have a "snowball's chance in hell of approval" following reports that Cboe withdrew their 19b-4 files from its website.
Uncertainty Grows as Solana ETF Filings Withdrawn
Two potential Solana ETFs had their 19b-4 filings withdrawn from the "Pending Rule Changes" portion of Cboe's website on August 16, according to reports.
Some have hypothesized that the US Securities and Exchange Commission "concerns" about Solana's security classification led to the rejection of the filings prior to their full review.
President of ETFStore Nate Geraci stated in a previous X post on August 17:
Getting Solana classed as a commodity is a prerequisite for approving Solana ETFs, according to Geraci's previous arguments.
