Shalini Nagarajan

Last updated:

July 3, 2024, 03:08 EDT | 1 min read

Matthew Sigel, VanEck’s head of digital assets research, indicated that the firm’s spot Solana ETF approval depends on a new SEC chairman post the November US elections.

In a Bloomberg interview Tuesday, he noted that the lack of a regulated futures market for Solana could pose a challenge for the ETF’s approval. Yet, he believes VanEck can secure the ETF without one being established.

He pointed out that ETFs already exist in sectors like shipping, uranium, and electricity. And their prices don’t rely on a futures market. This suggests that a futures market is not necessary for a Solana ETF either.

“So, with the slight change in the regulatory environment in Washington, we think these will get approved,” he said.

Crypto Voters Expected to Sway US Election

Further, Sigel mentioned that even with a Biden administration victory, approval for the Solana ETF could proceed. He emphasized this would depend on whether a new SEC Chair is appointed. Meanwhile, approval under Gary Gensler’s chairmanship hinges on shifts in the agency’s approach to this asset class, he said.

According to Sigel, crypto voters are likely to play a significant role in determining this election’s outcome.

“There’s a good chance that crypto voters are going to make the difference in this election,” he said. “And we’re already seeing a change in the regulatory environment at the elected official level.”

Solana ETF Race Heats Up

Sigel’s comments come after VanEck filed an application to launch a Solana spot ETF last week. This follows VanEck’s successful Bitcoin ETF launch in January and another Ethereum ETF proposal, which may be available in the coming weeks.

A potential Solana ETF has demonstrably buoyed investor sentiment, with the SOL’s price jumping 9% over the past week. Further, VanEck has shown confidence in Solana’s potential to become a top 3 blockchain platform in terms of market share this year.

Following VanEck’s initiative, 21Shares submitted its own application for a Solana spot ETF.

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