VanEck, which offers bitcoin and Ethereum ETFs, on Thursday filed an S-1 application to create a Solana ETF.
Matthew Siegel, VanEck's head of digital asset research, also said #solana is a commodity, contrary to the SEC's view.
The price of solana jumped to $150 after news of the #ETF surfaced, but has since returned to $145. Nevertheless, experts are positive about SOL's short- and long-term prospects, with some even predicting prices will hit new highs in July.
The Solana meme coin and Layer-2 token also rose following the ETF news, and new tokens such as Sealana, Base Dawgz and Mega Dice are poised for explosive IEO growth.
Will VanEck's Solana ETF be approved?
Bloomberg analyst Eric Bartunas believes that the approval of the Solana ETF will largely depend on the outcome of the upcoming U. S. presidential election. He believes that the current SEC administration, led by Commission Chairman Gary Gensler, is unlikely to approve the Solana ETF.
For example, the SEC has sued prominent cryptocurrency exchanges, including #Binance and Coinbase, for selling illegal securities, and SOL is one of the assets mentioned in the suit.
In addition, the SEC, under Gensler's leadership, has required crypto assets to have futures markets{n
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