{"id":27303,"date":"2024-08-21T22:45:46","date_gmt":"2024-08-21T19:45:46","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=27303"},"modified":"2024-08-21T19:08:03","modified_gmt":"2024-08-21T16:08:03","slug":"2018-fraud-case-could-be-key-to-solana-etf-approval-vaneck-executive","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/2018-fraud-case-could-be-key-to-solana-etf-approval-vaneck-executive\/","title":{"rendered":"2018 Fraud Case Could Be Key to Solana ETF Approval: VanEck Executive"},"content":{"rendered":"<p>While analysts currently believe that Solana\u2019s exchange-traded fund (ETF) approvals are unlikely, VanEck\u2019s head of digital assets suggests there could be a way to change that.<\/p>\n<p>While the general consensus is that Solana won\u2019t get an ETF approved anytime soon, one executive said a crypto fraud case that concluded in 2018 could provide clues about how the process could be reversed.<\/p>\n<h2>VanEck Exec Speaks About Solana ETF<\/h2>\n<p>Matthew Sigel, VanEck\u2019s head of digital assets research, said the firm continues to view Solana (SOL) as a commodity like Bitcoin and Ether, a classification that Solana needs to have in the U.S. to get its own crypto ETF.<\/p>\n<p>\u201cThis belief is informed by evolving legal perspectives that courts and regulators have begun to recognize certain crypto assets as securities in primary markets, but are behaving more like commodities in secondary markets,\u201d Sigel said on the X platform on August 20.<\/p>\n<p>Sigel referred to a now-dismissed six-year lawsuit filed in 2018 against a fraudulent crypto payments company called My Big Coin.<\/p>\n<p><em>Might interest you: <a href=\"https:\/\/coinengineer.net\/blog\/solana-price-drops-after-sec-announcement\/\">Solana Price Drops After SEC Announcement<\/a><\/em><\/p>\n<p>The Commodity Futures Trading Commission (CFTC) filed a lawsuit in 2018 accusing the company\u2019s founders of selling the \u201cMy Big Coin\u201d token to customers and lying about its use and value, alleging violations of the Commodity Exchange Act.<\/p>\n<p>The defendants argued in an effort to have the case dismissed because the token was not a commodity because there were no futures contracts referencing it. However, the judge rejected that argument, saying My Big Coin was a \u201cvirtual currency\u201d like Bitcoin, drawing an analogy with natural gas.<\/p>\n<p>That was enough for the CFTC to argue that MBC was a commodity, allowing the case to proceed. The founder was convicted by a federal jury in 2022 and sentenced to 100 months in prison; he was also ordered to pay $7.6 million to the victims of the fraud. \u201cThis same logic could apply to digital assets like Solana and shape the future of ETF regulation,\u201d Sigel added. But in the short term, other ETF commentators are less optimistic.<\/p>\n<hr \/>\n<p><em>You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0<a href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Telegram,\u00a0<\/strong><\/a><a href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>YouTube<\/strong><\/a>,\u00a0and\u00a0<a href=\"https:\/\/twitter.com\/coinengineers\"><strong>Twitter<\/strong><\/a>\u00a0channels for the latest news and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>While analysts currently believe that Solana\u2019s exchange-traded fund (ETF) approvals are unlikely, VanEck\u2019s head of digital assets suggests there could be a way to change that. While the general consensus is that Solana won\u2019t get an ETF approved anytime soon, one executive said a crypto fraud case that concluded in 2018 could provide clues about<\/p>\n","protected":false},"author":6,"featured_media":21411,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[319,6425,8058],"class_list":["post-27303","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-solana","tag-solana-etf","tag-solana-etf-approval"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>2018 Fraud Case Could Be Key to Solana ETF Approval: VanEck Executive - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/2018-fraud-case-could-be-key-to-solana-etf-approval-vaneck-executive\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"2018 Fraud Case Could Be Key to Solana ETF Approval: VanEck Executive - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"While analysts currently believe that Solana\u2019s exchange-traded fund (ETF) approvals are unlikely, VanEck\u2019s head of digital assets suggests there could be a way to change that. While the general consensus is that Solana won\u2019t get an ETF approved anytime soon, one executive said a crypto fraud case that concluded in 2018 could provide clues about\" \/>\n<meta property=\"og:url\" content=\"https:\/\/coinengineer.net\/blog\/2018-fraud-case-could-be-key-to-solana-etf-approval-vaneck-executive\/\" \/>\n<meta property=\"og:site_name\" content=\"Coin Engineer\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-21T19:45:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-08-21T16:08:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/05\/Solana-ETF-.png.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"774\" \/>\n\t<meta property=\"og:image:height\" content=\"301\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Tanju Akb\u0131y\u0131k\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tanju Akb\u0131y\u0131k\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/coinengineer.net\/blog\/2018-fraud-case-could-be-key-to-solana-etf-approval-vaneck-executive\/\",\"url\":\"https:\/\/coinengineer.net\/blog\/2018-fraud-case-could-be-key-to-solana-etf-approval-vaneck-executive\/\",\"name\":\"2018 Fraud Case Could Be Key to Solana ETF Approval: VanEck Executive - 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