After 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 ongoing uncertainties surrounding it, Solana, Matthew Siegel, Director of Digital Assets Research at VanEck, 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 may be influenced by the appointment of the SEC chairman after the November U.S. election. He also mentioned that, in addition to the role of the SEC chairman, the lack of a regulated futures market for Solana could be a significant obstacle to approval.
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Nevertheless, Siegel is optimistic about VanEck’s ability to obtain approval, even without a related futures ETF. Finally, he stated that regardless of the outcome of the Biden administration’s election, the possibility of approval for the Solana ETF still exists.
The executive emphasized that the approval of the SOL ETF will depend on the appointment of a new SEC chairman or whether the current SEC government position on cryptocurrencies changes. 