Following the partial approval of the spot Ethereum ETF, the first application for a Solana (SOL) ETF has been submitted, with VanEck becoming the first company to enter the competition. Despite the ongoing uncertainty surrounding the Solana ETF, Matthew Sigel, head of digital assets research at VanEck, indicated that the fate of their application largely depends on the decision of the SEC chairman. Sigel emphasized that the approval of the Solana ETF could be influenced by the appointment of a new SEC chairman following the US elections in November. He also mentioned that besides the role of the SEC chairman, the absence of a regulated futures market for Solana could be a significant obstacle to obtaining approval.
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However, Sigel expressed optimism regarding VanEck’s ability to obtain approval, even without the corresponding futures ETF. Finally, he speculated that regardless of the outcome of the Biden administration’s election campaign, there remains a possibility for the Solana ETF to be approved. The leader stressed that the approval of the SOL ETF will depend on whether a new SEC chairman is appointed or if there are changes in the current SEC administration’s stance on cryptocurrencies.
