The Solana spot ETF is the latest hot topic in the crypto industry, and its fate could be tied to the upcoming 2024 US presidential election.
Matthew Siegel, VanEck's head of research, made it clear that the ETF's future depends on the outcome of the election and whether Gary Gensler remains chairman of the SEC.
Just last week, VanEck filed to launch the Solana spot ETF in the United States. Hot on the heels of 21Shares did the same.
Many in the community believe the ETF's approval is contingent on former President Donald Trump winning the upcoming election in November. Siegel pointed to changes in Washington's regulatory environment, noting:
âWe are already seeing changes in the regulatory environment at the elected official level. Many Democrats are voting for pro-cryptocurrency legislation.â
Pointing to Gensler's recent statement that "the Ethereum spot ETF approval process is going smoothly," he said, "This may be the only time in three years that I agree with Gary Gensler on something."
Siegel believes that allowing trading of Ethereum-based products would validate Ethereum's status as a commodity. He extended this logic to Solana, saying, âThe same will be true for Solana.â
âSome believe there is no regulated futures market for Solana. And that could hold ETFs back.â
Matthew Siegel
With little regulatory change in Washington, Siegel remains optimistic, saying, âWe think they'll be approved.â However, he clarified that the result does not entirely depend on the presidential elections.
Speaking about Ethereum versus the Solana ETF, Siegel highlighted VanEck's role in providing options to investors. He called for fairness in the ETF approval process, a position he has previously taken.
âIt is not too late for the SEC to do the right thing and return to its traditional first-come, first-served process for approving these ETFs,â he said.Â
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