VanEck Cites Potential Barriers to Solana ETF Approval

After the spot Ethereum ETF received partial approval, the first application for a Solana (SOL) ETF has been submitted, with VanEck becoming the first company to join the competition. Despite the ongoing uncertainty surrounding it, VanEck’s Head of Digital Asset Research, Matthew Siegel, stated that the fate of the ETF application largely depends on the decision of the SEC Chairman. Siegel emphasized that the approval of the Solana ETF might be influenced by the appointment of the SEC Chairman after the U.S. elections in November. He also mentioned that, besides the role of the SEC Chairman, Solana’s lack of a regulated futures market could be a significant obstacle to gaining approval. Read more:

How cryptocurrency investors made $30,000 in half an hour Nonetheless, Siegel remains optimistic about VanEck’s ability to gain approval, even without a related futures ETF. Finally, he stated that regardless of the outcome of the Biden administration’s campaign, there is still a possibility for the Solana ETF to gain approval. The executive stressed that the approval of the SOL ETF will depend on whether a new SEC Chairman is appointed or if the current SEC administration’s stance on cryptocurrency changes.