The crypto market is facing new significant challenges: VanEck advances its Solana ETF plans despite Cboe's regulatory file removal, and Mango Markets is considering an SEC settlement for alleged law violations.
VanEck’s Solana ETF Plans
VanEck, a major asset manager, is committed to launching a Solana-based exchange-traded fund (ETF) despite recent regulatory uncertainties. On August 9, it was noticed that Cboe Global Markets had removed its 19b-4 filing related to the Solana ETF, raising questions within the industry. However, VanEck's head of digital assets research, Matthew Sigel, clarified that the removal does not indicate the end of Solana ETF plans.
The Road to Approval
The SEC's approval process for crypto-based ETFs is marked by caution, scrutinizing each proposal for compliance with existing laws. The successful launch of Bitcoin and Ether ETFs earlier this year sets a precedent for future crypto ETFs, including Solana. VanEck views Solana as a commodity, similar to Bitcoin and Ether.
Mango Markets and SEC Settlement
Mango Markets considers an SEC settlement proposal over securities law violations. The decentralized exchange platform, impacted by a $110 million exploit by Avraham Eisenberg, is voting on the settlement, which includes fines and the destruction of MNGO tokens. This could lead to significant changes in governance and operation of the platform.
Meanwhile, the crypto community is closely monitoring VanEck and Mango Markets to understand how these changes will affect the market's future.
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