Matthew Sigel, head of digital asset research at VanEck, an issuer of cryptocurrency spot ETFs, believes that the US election is a critical time for whether the Solana spot ETF can be passed. In addition to the presidential election, Sigel also pointed out that the chairman of the SEC is the main reason for determining whether the Solana spot ETF can be passed.

VanEck, the issuer of Bitcoin and Ethereum spot ETFs, submitted the application documents for the Solana Fund (VANECK SOLANA TRUST) to the U.S. Securities and Exchange Commission (SEC) on the 27th of last month, becoming the first issuer to apply for the Solana spot ETF. Subsequently, 21share, also an issuer, also submitted the Solana spot ETF application documents to the SEC the next day (28th).

Although issuers have submitted Solana spot ETF application documents one after another, what is the probability of approval? In this regard, Matthew Sigel, head of digital asset research at VanEck, believes that the US election is an important timing point.

Solana spot ETF approval depends on US election and SEC chairman

We know that former President Trump has publicly supported cryptocurrencies many times, and Solana supporters believe that the passage of the Solana spot ETF will depend on whether Trump can win the November election. According to Decrypt, Matthew Sigel affirmed this view in an interview, but Sigel also added that whether SEC Chairman Gary Gensler continues to serve as SEC Chairman is also important.

In the interview, Sigel first affirmed Gensler’s recent performance on the Ethereum spot ETF, and said that if Ethereum-related products are allowed to be traded, this will confirm Ethereum’s status as a commodity. He believes that the logic of allowing Ethereum-related products to be traded also applies to Solana.

In addition, when talking about the possibility of cryptocurrency spot ETFs, Sigel linked it to the US political environment:

With minor changes in the regulatory environment in Washington, we think these (cryptocurrency spot ETFs) will be approved

But Sigel also said that the result does not entirely depend on the US presidential election. He believes that the final key depends on the chairman of the SEC:

I wouldn't say it's impossible, you know, even if Biden wins, we might have a new SEC chairman. So it all depends on the SEC chairman.

Crypto voters play a decisive role in the presidential election

On the other hand, Sigel also said in an interview:

There is a good chance that crypto voters will play a decisive role in this election.

Sigel noted that the US policy environment is changing:

We are already seeing changes in the regulatory environment at the official level. Multiple Democrats voted in favor of cryptocurrency legislation.

It can be speculated that the recent relaxation of cryptocurrency regulation by the US government may be due to the potential influence of cryptocurrency voters.

Analysts speculate that Ethereum spot ETF will be launched within two weeks

On the other hand, the Ethereum spot ETF that the market is looking forward to has also made new progress recently. Bloomberg analyst James Seyffart recently revealed on Twitter that Bitwise Invest has resubmitted the revised Ethereum ETF S-1 form.

Seyffart speculated that more issuers will submit similar applications this week and that the Ethereum spot ETF could be launched later next week or during the week of July 15.