VanEck’s director of digital assets research, Matthew Sigel, stated that the firm’s approval of the Solana ETF is contingent upon appointing a new SEC chairman following the November US elections.
In a Bloomberg interview on Tuesday, he acknowledged that the absence of a regulated futures market for Solana could challenge the ETF’s approval. However, he is confident VanEck can secure the ETF without establishing one.
He emphasized that ETFs exist in the electricity, uranium, and shipping industries. Additionally, their prices are not contingent upon a futures market. This implies that a Solana ETF does not require a futures market.
He stated, “Consequently, we anticipate that these will be approved due to the slight modification in the regulatory environment in Washington.”
Crypto Voters Expected to Sway US Election
Additionally, Sigel stated that the Solana ETF could be approved even in the event of a Biden administration victory. He underscored that this would be contingent upon appointing a new SEC Chair.
He also stated that the agency’s approach to this asset class must change to secure approval during Gary Gensler’s tenure as chairman.
Sigel predicts that crypto electors will have a substantial influence on the outcome of this election.
He stated, “There is a high probability that crypto voters will significantly impact this election.” “And we are already observing a shift in the regulatory environment at the elected official level.”
The Solana ETF Race is Heating Up
VanEck applied to establish a Solana spot ETF last week, prompting Sigel’s remarks. This follows VanEck’s successful Bitcoin ETF launch in January and another Ethereum ETF proposal, which may be available in the coming weeks.
The prospective Solana ETF has significantly enhanced investor sentiment, as evidenced by the 9% SOL price increase over the past week. Moreover, VanEck has expressed confidence in Solana’s capacity to become a top-3 blockchain platform in market share this year.
21Shares submitted its registration for a Solana spot ETF in response to VanEck’s initiative.
