VanEck said that as long as a new SEC chairman is appointed, the Solana ETF can be approved， Is this canvassing votes for Trump?

Matthew Sigel Says Approval Depends on SEC Leadership

VanEck has filed for the first Solana ETF, with 21Shares following closely behind. Matthew Sigel, head of digital asset research at VanEck, said approval of the Solana (SOL) ETF depends largely on the position of the SEC chairman.

Sigel said approval of the SOL ETF may require the appointment of a new SEC chairman, which could happen after the November U.S. election. This change could affect how the Solana ETF is regulated.

The filing deadline is set for March 2025, well after the November 2024 election.

Another challenge to SOL ETF approval is the lack of a regulated futures market for Solana. Sigel mentioned this as a potential obstacle, but expressed confidence that VanEck can get approval for the spot ETF without the need for a futures ETF.

“While there appear to be many hurdles to a spot Solana ETF, we believe that with only a slight change in the regulatory environment in Washington, we can get SOL approval.”

“I don’t think the lack of regulation in the futures market will be a disadvantage for the Solana ETF. ”

Matthew Sigel confirmed in a recent disclosure that the firm’s Solana spot ETF proposal is contingent on Donald Trump winning the upcoming U.S. presidential election.

Why is the Solana ETF proposal contingent on Trump’s presidential victory?

Analysts say that if a Democratic victory leaves Joe Biden in office, the chances of approval are slim. However, if Donald Trump wins, the odds of approval could increase as he is likely to appoint a new SEC chairman to replace Gary Gensler.

Current SEC Chairman Gary Gensler has been critical of the cryptocurrency industry, which has led to intense scrutiny. His criticism of the FIT21 crypto bill and his regulatory approach have been controversial in the crypto community.

One notable challenge facing the Solana ETF is the lack of a futures market on CME, which is crucial for Bitcoin and Ethereum ETFs. Nonetheless, Sigel believes VanEck can get approval without a futures market, instead relying on a surveillance sharing agreement (SSA).

Industry reaction

Solana’s price surged 6% after VanEck filed its S-1 registration form for the Solana ETF. Shortly thereafter, 21Shares Solana also applied for a Solana spot ETF, marking a major step forward in bringing cryptocurrency investment products to the mainstream market. In seven days, Solana’s price rose 16%, outperforming Bitcoin and Ethereum.