Matthew Sigel, VanEck’s head of digital assets research, stated that the firm’s Solana spot exchange-traded fund (ETF) proposal remains active despite the removal of the 19b-4 form from the Chicago Board Options Exchange (Cboe) website.

Over the weekend, the crypto community observed that the 19b-4 filings for VanEck and 21Shares—documents submitted by exchanges on behalf of issuers—had been removed from the Cboe website. Subsequent reports indicated that the removal was attributed to concerns that the US Securities and Exchange Commission (SEC) might categorize the SOL token as a security.

Submitting 19b-4 forms is a critical step in the ETF approval process, as these forms detail the essential information required for listing an ETF product. Consequently, their removal casts doubt on the likelihood of a Solana ETF progressing.

However, Sigel, while acknowledging the removal of the 19b-4 forms, emphasized that the S-1 registration statements are still under review. He clarified :

“Exchanges like Nasdaq & CBOE file rule changes (19b-4) to list new ETFs. Issuers like VanEck are responsible for the prospectus (S-1). Our prospectus remains under consideration.”

SOL’s security status

Regarding SOL’s security classification, Sigel emphasized VanEck’s firm stance that Solana should be categorized as a commodity, akin to Bitcoin and Ethereum , both of which have received approval for spot ETFs .

He emphasized that evolving legal interpretations support this perspective. In his view, courts and regulators are increasingly recognizing that some digital assets might function as securities in initial markets but operate more like commodities in secondary markets.

Sigel also highlighted Solana’s advancements in decentralization. He noted that the top 100 holders currently control about 27% of the supply, a substantial reduction from a year ago. Furthermore, the top 10 addresses now hold less than 9%.

He further stated :

“With over 1,500 validators across 41 countries, operating in more than 300 distinct data centers, Solana boasts a Nakamoto Coefficient of 18—surpassing most networks we monitor. The upcoming Firedancer client will further enhance decentralization, ensuring that no single entity can hold dominant control over the blockchain.”

Sigel concluded that this decentralized design, coupled with SOL’s functionality and economic importance, places it alongside digital assets like BTC and ETH.