VanEck, the investment firm, recently unveiled a pivotal hurdle potentially affecting the approval of Solana’s exchange-traded funds (ETFs). In a significant stride for the cryptocurrency sector, on June 27th, VanEck submitted a proposal to launch a Solana (SOL)-based cash ETF, filing the S-1 document with the US Securities and Exchange Commission (SEC).
Amid uncertainties surrounding a Solana ETF, Matthew Sigel, VanEck’s head of digital asset research, underscored that the approval hinges on the SEC’s leadership. Speaking to Bloomberg, Sigel emphasized, “The approval of the Solana ETF depends on the appointment of a new SEC chairman post the upcoming November US elections.”
Sigel also noted the absence of a regulated Solana futures market as a potential challenge for the spot cryptocurrency ETF approval. Nonetheless, he expressed confidence that regulatory changes in Washington could pave the way for a Solana spot ETF approval even without a futures counterpart. “While hurdles remain for Solana spot ETFs, we believe we can secure SOL approval with slight regulatory adjustments,” Sigel stated.
Furthermore, Sigel linked VanEck’s optimism for a Solana ETF with the potential re-election of President Donald Trump, suggesting favorable crypto asset regulatory policies under his administration.
VanEck’s strategic move positions the ETF application deadline for March 2025, strategically timed after the 2024 presidential election. When asked about this timeline alignment, Sigel affirmed, “I can confirm.”
Disclaimer: The opinions expressed in this article are solely for informational purposes and do not constitute financial or investment advice. Investing in cryptocurrencies carries inherent risks of financial loss.
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