After Spot Ethereum ETF approval, the first applications for Solana ETFs have arrived. VanEck made the first application for Solana (SOL), followed by 21Shares.
A New SEC Chairman Needed for Solana ETF Approval!
While uncertainty regarding SOL ETFs continues, VanEck Head of Digital Assets Research Matthew Sigel said the company's Solana ETF approval is up to the SEC Chairman.
Speaking to Bloomberg, Matthew Sigel stated that SOL ETF approval depends on the appointment of a new SEC chairman after the US elections in November.
Pointing out that at this point, there is another obstacle for SOL ETFs other than the SEC Chairman, Sigel said that the lack of a regulated futures market for Solana may pose a challenge for the approval of the spot ETF.
However, Sigel said he believes VanEck can get spot ETF approval without a futures ETF.
“While there appear to be many hurdles for Spot Solana ETFs, we think we can gain approval for SOL with a slight change in the regulatory environment in Washington.
“I do not believe the lack of regulation in the futures markets will be a disadvantage for the Solana ETF.”
Finally, Sigel stated that even if the Biden administration wins the election, the possibility of approval for Solana ETFs will continue.
Sigel said Solana ETF approval depends on whether a new SEC Chairman will be appointed or changes in the current SEC administration's approach to cryptocurrencies.
“I think the SEC will change its perspective on cryptocurrencies only with the appointment of a new chairman.”
*This is not investment advice.