VanEck's Matthew Siegel believes the approval of the Ethereum Spot ETF will pave the way for Solana ETFs and spark new interest in the cryptocurrency market.

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VanEck's Matthew Siegel believes the approval of the #IntroToCopytrading Spot #ETF will pave the way for #Solana ETFs and spark new interest in the cryptocurrency market.

VanEck's Matthew Siegel believes the approval of the Ethereum Spot ETF will pave the way for Solana ETFs VanEck has filed the first Solana ETF (SOL) in the US, sparking new interest in the Solana and Ethereum debate.

Siegel noted that the wording used in the Ethereum ETF form describes Ethereum as a commodity because of its decentralized characteristics, which could apply to Solana as well. He believes it would be beneficial for Solana to enter into a similar joint monitoring agreement, as was the case with the #bitcoin and Ethereum spot ETFs, for SOL ETF approval. Siegel also noted that there are commodity ETFs without futures markets that could support a Solana ETF. Unlike Bitcoin and Ethereum, Solana does not have a futures market on the Chicago Mercantile Exchange (CME).

VanEck's application to create a Solana ETF is the second landmark move by asset managers, following the first application to the SEC to create an Ethereum spot ETF in 2021. The SEC took nearly three years to talk to issuers, followed by applications from #BlackRock , Fidelity and others. Van Eck filed a second application in September 2023. Those products are expected to launch in early July, and VanEck won't charge a fee until 2025, pending preliminary approval.

Six days before VanEck filed for a solanium ETF, 31Q filed for a similar product in Canada, which could be the first solanium listed product (ETP) in North America.

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