According to TechFlow, Matthew Sigel, head of digital asset research at VanEck, said in an interview that whether VanEck's spot Solana ETF application will be approved depends largely on the results of the 2024 US presidential election and whether Gary Gensler will continue to serve as chairman of the U.S. Securities and Exchange Commission (SEC).
Sigel pointed out that as the regulatory environment in Washington changes, several Democratic lawmakers have begun to support crypto legislation, and crypto voters may play a key role in this election. He also mentioned that if Ethereum-related products are approved for trading, it will confirm its commodity status, and he believes that Solana should do the same.
However, the current lack of a regulated Solana futures market is what Sigel called a “Gensler psychological tactic.” He stressed that while the outcome of the presidential election is important, the final decision lies with the SEC chairman.
