VanEck applied for a spot Solana ETF with the United States SEC
Executive thinks the fate of this product will depend on whether Joe Biden wins or losses
Galaxy Fox, a meme coin and P2E game, is capitalizing on the excitement around Solana
Admittedly, politics plays a crucial role in all spheres of the economy. This is because politicians are policymakers and draft regulations. Depending on their stance, these laws can be prohibitive or supportive. Throughout 2023, the impact of bad laws was evident. The United States Securities and Exchange Commission (SEC) cracked the whip indiscriminately, even suing Binance and Coinbase.
Now, the race for the White House pits Joe Biden, the incumbent, and the former president, Donald Trump. Judging from the debate, things are shaping out nicely. Amid this, the crypto world is following events closely since the outcome would be surprisingly pivotal for the scene.
As it is, the fate of the recently applied spot Solana ETFs hinges on the result of the presidential election. The success of this derivative product would also be a potential boon for Galaxy Fox, a meme coin platform with a play-to-earn (P2E) game running on Ethereum.
Spot Solana ETF Fate Depends On Political Outcomes
In late June, VanEck, a digital asset management firm, applied for a spot Solana ETF with the United States SEC. In their application, the firm cited the role of Solana, mentioning its decentralization and security. They also said that SOL, the native currency, is similar to BTC, existing as a commodity used to prime the burgeoning Solana ecosystem.
Though these were bold claims, the possibility of the product seeing the light of day, even with a spot Ethereum ETF being approved for trading this month, is slim. Matthew Sigel, an executive at VanEck, is well aware of this probability.
Recently, Sigel said that not only are there regulatory hurdles that they must overcome, but the product will also go live depending on who wins the November presidential election. Most importantly, the fate of the spot Solana ETF also depends on whether Gary Gensler remains the chair of the United States SEC.
Galaxy Fox Will Benefit From Solana’s Boom
As analysts track the regulatory and political scene, investors are also watching closely how the meme coin scene evolves.
Despite the marketwide correction, smart investors are banking on innovative platforms like Galaxy Fox to thrive and capitalize on the excitement surrounding Solana and the application of the first spot Solana ETFs in the United States.
It is easy to see why.
Galaxy Fox is, first, a meme coin. Coincidentally, the most successful meme coins are launching on Solana. If a spot Solana ETF is approved in the United States, the tide will rapidly shift, further lifting meme coins across the board, especially GFOX.
The GFOX ERC-20 token primes the recently launched play-to-earn (P2E) game that features digital foxes existing as valuable NFTs. Galaxy Fox players are rewarded with scarce GFOX tokens and NFTs whenever they successfully nurture their digital foxes and win battles.
Incorporating the P2E game is meant to disrupt and improve the meme coin scene by infusing utility and dynamism. In this way, GFOX is unique, standing out from others like PEPE or BOME with no or limited utility.
Beyond gaming, players can choose to stake GFOX and earn passive income. At the same time, they can trade GFOX for other liquid tokens, further receiving more capital gains.
Conclusion
With a spot Solana ETF in place, institutions will be free to get exposure, giving a massive boost to crypto and the broader ecosystem.
With this product available for United States clients, it is easy to see why Galaxy Fox and the blockchain gaming scene will be winners; offering massive tailwinds for GFOX.
Learn more about $GFOX here:
Galaxyfox.io | Join the Community
The post Solana ETF Success Hinges on November Election: Will It Be A Boon For Galaxy Fox? appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.
