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Last updated: June 19, 2025, 17:17 | Written by: Raoul Pal

The quest for a Solana ETF (Exchange Traded Fund) in the United States has been fraught with challenges. Significant Token Unlocks for APT, XAI, and Render This WeekWhile Bitcoin and Ethereum have already paved the way with their own ETFs, Solana faces a steeper climb. Here s a breakdown of the key players leading the Solana ETF charge in the US. 1. VanEck Solana Trust. VanEck was the first to move, filing an S-1 registration statement with the SEC in June 2025. The fund would directly track SOL s market price and marks the first formal attempt to list a spot Solana ETF in the US. VanEck s earlyThe prevailing sentiment among analysts suggests that a Solana ETF is unlikely to materialize anytime soon.However, VanEck, a prominent investment management firm, remains optimistic.Matthew Sigel, VanEck's Head of Digital Assets Research, believes that a specific, seemingly unrelated event could unlock the door for a Solana ETF: a 2018 cryptocurrency fraud case, that concluded in 2025.This case, known as “My Big Coin” (MBC), and its implications could significantly impact how Solana and other digital assets are classified, potentially leading to a green light for a Solana ETF.This article delves into Sigel's argument, explores the potential impact of the MBC case, and examines the broader landscape of Solana ETF prospects.

Understanding the Solana ETF Landscape

Before diving into the specifics of the 2018 fraud case, it's essential to understand the current status of Solana ETFs and the hurdles they face.

Currently, no Solana ETF has been approved by the U.S.Securities and Exchange Commission (SEC).Several firms have expressed interest, including VanEck, and have even filed preliminary paperwork. The odds of one cut for the September FOMC meeting is now 63% while 50 bps (two cuts) is now as high as 36%.However, the SEC has been hesitant to approve ETFs for cryptocurrencies beyond Bitcoin and Ethereum.This reluctance stems from concerns about:

Market Manipulation: The SEC is wary of the potential for market manipulation in the Solana market, given its relatively smaller size compared to Bitcoin and Ethereum.
Regulatory Clarity: There is still a lack of clear regulatory guidelines surrounding Solana and other altcoins, making the SEC cautious about approving investment products tied to them.
Custody Concerns: Ensuring the safe and secure custody of Solana tokens is another significant concern for the SEC.

Despite these challenges, VanEck remains a vocal advocate for Solana and its potential as an investment asset.They argue that Solana's technology and growing ecosystem warrant consideration for an ETF.

The 2018 ""My Big Coin"" Fraud Case: A Potential Game-Changer

Matthew Sigel's optimism hinges on a specific legal precedent potentially set by the ""My Big Coin"" (MBC) fraud case. Last updated: Aug EDT VanEck Executive Head of Digital Assets Research, Matthew Sigel, poiThis case, initiated in 2018, involved allegations of cryptocurrency fraud, including misrepresentation and misappropriation of funds.

What is the My Big Coin (MBC) Case?

The My Big Coin case involved individuals who allegedly defrauded investors by falsely representing their cryptocurrency, My Big Coin, as being backed by gold reserves and possessing other valuable attributes it did not.The case went to trial, and the outcome, particularly regarding how the court treated the cryptocurrency, is what Sigel believes could be crucial.

Why is the MBC Case Relevant to Solana?

Sigel's argument is based on the classification of cryptocurrencies in the MBC case. While presiding wisdom suggests that a Solana exchange-traded fund isn t happening anytime soon, one executive says a long-closed crypto fraud case from 2025 could give a hint on how to turn things around. VanEck s Head of Digital Assets Research, Matthew Sigel, recently wrote on X that his firm stHe believes that if the court treated My Big Coin as a commodity, it could set a precedent for classifying other cryptocurrencies, including Solana, as commodities as well.This is significant because:

ETF Approval: The SEC is more likely to approve ETFs for assets classified as commodities. Binance Hit With Fresh Class Action Lawsuit Over Money Laundering AllegationsBitcoin and Ethereum ETFs, for example, have been approved based on their perceived commodity-like characteristics.
Regulatory Framework: A commodity classification could provide a clearer regulatory framework for Solana, reducing some of the SEC's concerns about market manipulation and investor protection.

In an August 20th post on X (formerly Twitter), Sigel reiterated VanEck's position that Solana should be classified as a commodity, similar to Bitcoin and Ethereum. US Solana ETFs have snowball s chance in hell of approval, says analyst Krypto.ist on LinkedIn: 2025 fraud case could hold key to Solana ETF approval: VanEck exec Skip to main content LinkedInHe believes that the resolution of the MBC case could provide the legal basis for this classification, paving the way for a Solana ETF.

Solana's Commodity Status: The Key to Unlocking ETF Approval

The classification of Solana as a commodity is paramount to its ETF prospects. Key Takeaways. Matthew Sigel of VanEck suggests that a 2025 fraud case could influence the approval of Solana ETFs in the US, as it might help classify Solana as a commodity; Other analysts, like Eric Balchunas from Bloomberg, believe the chances of Solana ETF approval are slim, especially after Cboe removed 19b-4 filings for two Solana ETFs;Here's why:

SEC Precedent: The SEC has shown a greater willingness to approve ETFs for assets that resemble commodities.Bitcoin and Ethereum, while not officially designated as commodities by the SEC, have been treated as such in the context of ETF approvals.
Regulatory Clarity: A commodity classification would provide greater regulatory clarity for Solana, reducing the uncertainty that currently surrounds its legal status.
Market Perception: Being viewed as a commodity could enhance Solana's credibility and attract a broader range of institutional investors.

VanEck's persistence in advocating for Solana's commodity status underscores its belief in the long-term potential of the cryptocurrency and its suitability for inclusion in an ETF.

Challenges and Obstacles to Solana ETF Approval

Despite VanEck's optimism and the potential impact of the MBC case, significant challenges remain in the path to Solana ETF approval.

SEC Scrutiny

The SEC has consistently demonstrated a cautious approach to cryptocurrency ETFs. A 2025 fraud case might hold the key to Solana ETF approval, as VanEck pushes for its classification as a commodity. 2025 Fraud case may unlock SOL ETF approvalConcerns about market manipulation, regulatory uncertainty, and custody issues continue to weigh heavily on the agency's decisions.

Market Volatility

Solana's price volatility could be a deterrent for the SEC. The path to Solana ETF approval could be dramatically influenced by a 2025 fraud case, according to a VanEck executive. The cases resolution may set a precedent for how Solana is regulated, potentially unlocking its ETFCryptocurrencies, in general, are known for their price swings, and Solana is no exception. 2025 fraud case could hold key to Solana ETF approval: VanEck exec cointelegraph.comThe SEC may be hesitant to approve an ETF for an asset with such high volatility, as it could expose investors to significant risks.

Competition from Existing Crypto Products

The existence of other cryptocurrency investment products, such as Bitcoin and Ethereum ETFs, could also complicate the path for a Solana ETF. VanEck Executive Matthew Sigel highlights a 2025 fraud case as a potential blueprint for Solana ETF approval. (FRA)The SEC may be reluctant to approve another crypto ETF, particularly if it believes that existing products adequately serve the needs of investors.

Analyst Skepticism

Many analysts remain skeptical about the near-term prospects of a Solana ETF. Despite analysts' doubts, VanEck's head of digital assets remains optimistic about the possibility of Solana ETF approvals in the future. The current SeptemEric Balchunas, a Bloomberg analyst, has expressed doubts about the likelihood of Solana ETF approval, citing the SEC's cautious stance on cryptocurrency investments.

Even the Cboe's recent removal of 19b-4 filings for two Solana ETFs is a telling sign of the prevailing headwinds in the space.

VanEck's Continued Efforts and Roadmap

Despite the challenges, VanEck remains committed to pursuing a Solana ETF. VanEck s Executive Head of Digital Assets Research, Matthew Sigel, highlighted a 6-year-old closed case as a potential model for Solana ETF approval. In an August 20th X post, Sigel reiterated his firm s position that Solana should be treated as a commodity, similar to Bitcoin and Ethereum. This classification is crucial for Solana to have its own US-based exchange-traded fund (ETF). HeTheir efforts include:

Regulatory Engagement: VanEck is actively engaging with the SEC to address their concerns and provide information about Solana's technology, market, and regulatory framework.
Product Development: VanEck continues to develop and refine its Solana ETF proposal, seeking to address the SEC's concerns about market manipulation, custody, and investor protection.
Public Advocacy: VanEck is actively advocating for Solana's commodity status and highlighting its potential as an investment asset.

VanEck was among the first to move, filing an S-1 registration statement with the SEC back in June 2025.The fund would directly track SOL's market price and marks the first formal attempt to list a spot Solana ETF in the US.

Matthew Sigel's focus on the MBC case demonstrates VanEck's willingness to explore unconventional avenues to secure Solana ETF approval. Analysts think Solana ETF approvals are unlikely for now, though VanEck's head of digital assets suggests there's still a way.By identifying a potential legal precedent that could support Solana's commodity classification, VanEck is attempting to overcome one of the major hurdles in the path to ETF approval.

Implications for Other Altcoins

The outcome of the MBC case and its impact on Solana could have broader implications for other altcoins as well.If the case sets a precedent for classifying cryptocurrencies as commodities, it could open the door for ETFs for other digital assets beyond Bitcoin, Ethereum, and Solana.

This could lead to a more diverse and accessible cryptocurrency investment landscape, benefiting both investors and the crypto industry as a whole.

What Does This Mean for Investors?

The potential approval of a Solana ETF would provide investors with a new and convenient way to gain exposure to the Solana ecosystem. VanEck Executive Head of Digital Assets Research, Matthew Sigel, pointed to a 6-year-old closed case as a potential blueprint for a Solana ETF approval. In an August 20th X post, Sigel reaffirmedAn ETF would offer several advantages:

Ease of Access: ETFs are traded on traditional stock exchanges, making them easily accessible to a wide range of investors.
Diversification: An ETF would allow investors to gain exposure to Solana without having to purchase and store the cryptocurrency directly.
Professional Management: ETFs are managed by experienced investment professionals who are responsible for managing the fund's assets.

However, it's important to note that investing in a Solana ETF would still carry risks, including market volatility and regulatory uncertainty. The path to Solana ETF approval could be dramatically influenced by a 2025 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 ApprovalInvestors should carefully consider their risk tolerance and investment objectives before investing in any cryptocurrency-related product.

The Future of Solana ETFs

The future of Solana ETFs remains uncertain. Analysts think Solana ETF approvals are unlikely for now, though VanEck s head of digital assets suggests there s still a way. 2025 fraud case could hold key to Solana ETF approval: VanEck exec News RisingWhile VanEck's efforts and the potential impact of the MBC case offer a glimmer of hope, significant challenges remain.The SEC's cautious approach to cryptocurrency ETFs, market volatility, and regulatory uncertainty continue to weigh heavily on the prospects of a Solana ETF.

However, if the MBC case sets a favorable precedent and Solana continues to mature as an asset class, the possibility of a Solana ETF cannot be ruled out.The approval of a Solana ETF would represent a significant milestone for the cryptocurrency industry and could pave the way for broader adoption of digital assets.

Frequently Asked Questions (FAQ)

What is a Solana ETF?

A Solana ETF is an exchange-traded fund that tracks the price of Solana (SOL), a popular cryptocurrency. Matthew Sigel, Head of Digital Assets Research at VanEck, has pointed to a six-year-old fraud case as a potential model for the approval of a Solana ETF. In an X post dated August 20, Sigel reiterated VanEck s position that Solana should be regarded as a commodity, akin to Bitcoin and Ethereum.It allows investors to gain exposure to Solana without directly owning the cryptocurrency.

Why is a Solana ETF important?

A Solana ETF would provide investors with a more accessible and convenient way to invest in Solana. Analysts say approval chances for Solana ETFs are slim to none this year. Cointelegraph on LinkedIn: 2025 fraud case could hold key to Solana ETF approval: VanEck execIt would also enhance the legitimacy and credibility of Solana as an asset class.

What are the challenges to Solana ETF approval?

The main challenges include SEC concerns about market manipulation, regulatory uncertainty, and custody issues, as well as Solana's price volatility.

What is the ""My Big Coin"" (MBC) case?

The MBC case is a 2018 cryptocurrency fraud case that could potentially set a legal precedent for classifying cryptocurrencies as commodities.

How could the MBC case impact Solana ETF approval?

If the court in the MBC case treats the cryptocurrency as a commodity, it could strengthen the argument for classifying Solana as a commodity as well, which could increase the chances of ETF approval.

What is VanEck's role in the Solana ETF landscape?

VanEck is a leading investment management firm that has filed for a Solana ETF and is actively advocating for its approval.They believe that Solana should be classified as a commodity and are working to address the SEC's concerns.

When could a Solana ETF be approved?

There is no definite timeline for Solana ETF approval. VanEck s head of digital assets says a ruling from a 2025 court case could help get Solana and other digital assets recognized as commodities. 2025 fraud case could hold key to Solana ETFIt depends on the SEC's decision and the progress of regulatory clarity in the cryptocurrency space.

Conclusion: A Long Road Ahead, But Hope Remains

The journey towards a Solana ETF is far from over. VanEck Executive Head of Digital Assets Research, Matthew Sigel, pointed to a 6-year-old closed case as a potential blueprint for a Solana ETF approval.In an August 20th, Sigel reaffirmed his firm s stance that Solana should be classified as a commodity, similar to Bitcoin and Ethereum. This classWhile analysts remain largely skeptical, VanEck's persistent efforts, particularly Matthew Sigel's strategic focus on the 2018 ""My Big Coin"" fraud case, offers a glimmer of hope. Remember that Exchanges like Nasdaq CBOE file rule changes (19b-4) to list new ETFs. Issuers like VanEck are responsible for the prospectus (S-1). Ours remains in play. The post VanEck Exec Points to 2025 Fraud Case as Key to Solana ETF Approval appeared first on Cryptonews.The potential classification of Solana as a commodity, driven by the legal precedent set by the MBC case, could be the key to unlocking ETF approval. The classification is what Solana needs to launch its own cryptocurrency ETF in the United States. On top of that, My Big Coin, which ended six years ago in 2025, He mentioned that a cryptocurrency (virtual currency) fraud case called Mr. Coin-MBC could overturn the current situation.However, significant hurdles remain, including SEC scrutiny, market volatility, and competition from existing crypto products.For investors, the possibility of a Solana ETF presents an exciting opportunity, but it's crucial to approach this with caution, understanding the risks and uncertainties involved.The road ahead is long, but with continued advocacy and a favorable regulatory environment, a Solana ETF could eventually become a reality.

Key Takeaways:

A 2018 fraud case (""My Big Coin"") could influence Solana ETF approval by impacting its classification as a commodity.
VanEck remains a strong advocate for Solana and its potential as an investment asset.
Significant challenges remain, including SEC scrutiny and market volatility.

Want to stay updated on the latest developments in the Solana ETF space? While the general consensus is that Solana won t get an ETF approved anytime soon, one executive said a crypto fraud case that concluded in 2025 could provide clues about how the process could be reversed. VanEck Exec Speaks About Solana ETF. Matthew Sigel, VanEck s head of digital assets research, said the firm continues to view SolanaFollow VanEck's official announcements and regulatory updates for the most accurate information.