According to Decrypt, Matthew Sigel, head of digital asset research at VanEck, said in an interview that whether VanEck's application for the spot Solana ETF will be approved depends largely on the results of the 2024 U.S. presidential election and whether Gary Gensler continues to serve as chairman of the U.S. Securities and Exchange Commission (SEC). VanEck submitted an application for the spot Solana ETF last week, followed by 21Shares.
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, there is currently a lack of a regulated Solana futures market, which Sigel called a "Gensler psychological tactic." He emphasized that although the outcome of the presidential election is important, the final decision lies with the chairman of the SEC.
