VanEck's Solana ETF Proposal Dependent On Trump's Presidential Win, Matthew Sigel Confirms

In a recent revelation, Matthew Sigel, the Head of Digital Assets Research at VanEck, confirmed that the firm’s Solana spot ETF proposal is contingent on Donald Trump winning the upcoming US Presidential elections.

Don’t Miss:

• 1 in 4 Americans own a share of Bitcoin according to NASDAQ, how many people got started through this free crypto faucet?
• According to Cathie Wood, holding 6 Ethereum (ETH) could make you a millionaire, here’s why it can be true.

As reported by CryptoSlate on Wednesday, Sigel validated the conjecture around VanEck’s Solana spot ETF proposal. The deadline for the application is set for March 2025, well after the US Presidential elections in November 2024. “Can confirm,” Sigel succinctly stated.

Analysts have indicated that the approval chances for each ETF are virtually non-existent if a Democrat victory leaves Joe Biden in office. However, the odds increase, albeit not guaranteed, if Trump wins the election. This is due to the likelihood of Trump appointing a new SEC chair to replace the current chair, Gary Gensler. The spot ETF approvals come amid ongoing regulatory scrutiny of the cryptocurrency sector. Earlier in May, Chair Gensler criticized the FIT21 Crypto Bill, warning it could create "new regulatory gaps”, receiving heavy criticism from the Crypto community. Even Mark Cuban reiterated his position that SEC Chair Gary Gensler’s actions could cost Joe Biden the 2024 U.S. presidential election.

Another potential obstacle for the Solana ETF is the lack of a futures market on CME, a crucial factor in spot Bitcoin and Ethereum ETFs obtaining regulatory approval. However, Sigel is confident that VanEck will not need to establish a CME futures market around Solana to secure its ETF.

Bloomberg analysts concurred that a surveillance sharing agreement (SSA) “should be enough”, but concluded that VanEck’s strategy will “only work if there’s new leadership at the SEC and/or a literal act of Congress.”

The Solana ETF proposal by VanEck comes after the asset manager filed an S-1 registration form with the SEC for a Solana exchange-traded fund (ETF), marking the first attempt at a Solana ETF in the U.S. This led to a 6% surge in Solana’s price.

Shortly after VanEck’s filing, 21Shares announced its application for a Solana spot ETF, marking another significant step in the ongoing efforts to bring cryptocurrency-based investment products to mainstream financial markets.

The momentum from these ETF applications has led to a significant increase in Solana’s price, with the digital asset soaring 16% over seven days, outpacing both Bitcoin and Ethereum.

As of July 1, 2024, Emeren Group Ltd American Depositary Shares, each representing 10 shares SOL, closed at 1.54 USD, a decrease of 1.91% from its previous close.

Read Next:

• If you invested $100 in DOGE when Elon Musk first tweeted about it in 2019, here’s how much you’d have today.This
• Jeff Bezos-backed startup will allow you to become a landlord in just 10 minutes, and you only need $100.