Golden Finance reported that Nate Geraci, president of investment advisory firm The ETF Store, said that given that Solana futures traded on CME do not yet exist, the only viable way to get approval for a spot Solana ETF seems to be to implement a legal crypto regulatory framework that clearly defines which crypto assets are securities and which are commodities, or for the SEC to agree to designate Solana as a non-securities commodity. In any case, the agency will also need to reach a monitoring sharing agreement with currently unregulated spot cryptocurrency exchanges. Under the current administration, this seems unlikely to happen, making it likely that VanEck and 21Shares' applications will be betting on a more pro-cryptocurrency government.