New US President, SEC Could Pave Way for Approval of Spot Solana ETF, Bloomberg ETF Analyst Says
The launch of a spot Solana (SOL) exchange-traded fund (ETF) in the United States might depend on a shift in administration and changes in the leadership of the Securities and Exchange Commission (SEC), according to Bloomberg ETF analyst Eric Balchunas.
On June 27, Matthew Sigel, VanEck’s head of digital assets research, stated that the ETF issuer filed for a spot Solana ETF with the SEC. The new fund, named the VanEck Solana Trust, aims to leverage Solana’s decentralized nature, high utility and economic viability.
Despite this, Balchunas expressed skepticism about the approval of such ETFs. His initial reaction was that the SEC would likely reject the spot Solana ETF filing, primarily because there are no Solana futures ETFs available in the U.S. Both Bitcoin (BTC) and Ethereum (ETH) had futures products approved prior to spot ETFs, as the SEC was concerned about potential fraud and market manipulation affecting spot ETF products.
Balchunas suggested that a new U.S. President and a change in SEC leadership in 2025 could pave the way for these products. He speculated on social media that if someone like Hester Peirce were to lead the SEC, the regulatory environment might be more favorable for spot Solana ETF applicants.
Globally, more than $1 billion worth of Solana exchange-traded products are already available, including the 21Shares Solana Staking ETP and the ETC Group Physical Solana product in Europe, as highlighted by Bloomberg ETF analyst James Seyffart.