I just took a shit and quickly browsed the S1 file of Solana spot ETF submitted by VanEck. It can be summarized into three points:

1. Most of them are formulaic file descriptions, which can be seen in the Ethereum ETF file

2. This sentence in the file is very interesting: SOL is in direct competition to other smart contract platforms, such as Ethereum, Polkadot, Avalanche and Cardano. By the way, it mentions that competitors include $DOT $AVAX $ADA. I still remember the following article that I posted in May, which ranked the largest demand for VanEck index products (asset management scale). The top four are Solana, Tron, Polkadot, and Avalanche. VanEck has applied for Solana first, and Polkadot and Avalanche are expected to be the next. My granddaughter's Tron may have to wait because of regulatory issues.

3. In the document, VanEck also talked about whether SOL is a security. Generally speaking, I don't have much confidence. To put it in a down-to-earth way, it is the SEC, your boss, if you say yes, then yes, if you say yes, then we will disband.

Mr. Gou said two more words, VanEck did not play by the rules this time, did not apply for SOL futures or SOL futures ETF, but directly applied for spot ETF, which is a bit of a show. However, if the SEC changes in the future, there will still be a chance if the procedures are simplified.

For the DOGE spot ETF that more brothers are concerned about, it is easier to pass the regulations, but the current demand of institutions is not that great, after all, most of them are retail investors. We can only wait for Musk's next move, and then his good friend Cathie Wood will apply.