Siegel discussed the technical and regulatory similarities between Solana and Ethereum that influenced VanEck's filing strategy.
“When we analyzed our application for Ethereum and examined the language regarding decentralization and blockchain characteristics, and then conducted more in-depth research on Solana, we concluded that ETH and SOL assets are currently virtually identical - with no one entity controlling more than 20% outstanding Solana and cannot stop the chain unilaterally,” Siegel explained.
This decentralization is significant because the SEC often highlights the lack of centralized control when valuing crypto assets. VanEck aims to position the Solana ETF as a viable Ethereum-like product in the eyes of regulators, highlighting Solana's close collaboration with Ethereum.
Referring to the lack of a significant regulated futures market for Solana—a frequently cited requirement for ETF approval—Siegel expressed optimism, drawing on analogies to other markets.
“Frankly, we believe that focusing on this regulated market of significant size - the futures market - is more forgiving. There are other ETFs on the market without a futures market of significant size, such as the electricity, shipping and uranium markets, where the futures market is simply immaterial to price discovery in those markets,” he said.
Siegel suggested similar precedents could pave the way for Solana spot ETFs, although he acknowledged approval could be easier under a different SEC chairman, hinting at potential regulatory changes after the U.S. election.
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