The price of SOL experienced an increase of over 8% after the news broke, according to CoinMarketCap data. A June 27 SEC filing revealed that the Trust, the Sponsor, the SOL Custodian, and any other associated person will not engage in actions involving the Trust’s SOL for staking rewards, earning additional SOL, generating income, or other earnings. In response to the SEC’s assertions and Michael Saylor’s perspective that SOL is an unregistered security, Matthew Sigel stated that Solana should be treated as a commodity, similar to Bitcoin and Ethereum.
VanEck likely included the aforementioned language in its statement to align with the perceived SEC direction, which currently leans towards classifying staking activities under federal securities laws. The filing precedes the anticipated approvals for spot Ether ETFs, following the successful launch of several Bitcoin counterparts in January. Additionally, the news reflects the confidence of asset managers amidst a political tailwind shift in the U.S. leading up to the winter elections.
