According to Odaily Planet Daily, Hasseb Qureshi, partner of Dragonfly Capital, said that the SOL ETF is unlikely to be approved. He believes that VanEck's application for the SOL ETF may just be "buying goodwill" to promote the development of similar products. This is because the US Securities and Exchange Commission has made it clear that SOL is a security and the regulator will not give up this decision.