VanEck Ties Solana-ETF Launch to US Election Outcomes

Matthew Sigel, Head of Digital Asset Research at VanEck, opined that the prospects for launching a spot ETF based on Solana largely hinge on the outcome of the upcoming US presidential elections and whether Gary Gensler remains at the helm of the SEC. This was reported by Decrypt.

VanEck filed an application to launch an exchange-traded fund based on the fifth-largest cryptocurrency by market capitalization last week. Shortly thereafter, Swiss company 21Shares took similar steps.

Following these applications, a narrative emerged within the community suggesting that the chances of Solana-ETF approval depend on whether Donald Trump wins the upcoming US elections in November. Trump has declared his intention to become the “crypto president.”

“There is a good chance that crypto voters will play a decisive role in this election,” stated Sigel during an interview with Bloomberg.

He also pointed to the changing situation in Washington, adding:

“We are already seeing changes in the regulatory environment at the level of elected officials. Many Democrats are voting for crypto-supportive legislation.”

Sigel noted that if the American regulator gives the “green light” to trading Ethereum-ETF, it will confirm Ethereum’s status as a tradable commodity. Applications for such products have already been approved. Trading will commence once the SEC signs the registration statements on Form S-1.

“The same will be true for Solana,” the top manager drew a parallel.

However, progress on this issue may be hampered by the absence of regulated futures for the popular altcoin.

“We think this is the same PSYOP by Gary Gensler. He created these conditions as soon as he came to power,” added Sigel.

According to him, “small changes in Washington” are now needed.

Earlier, market maker GSR positively assessed Solana’s growth potential in the event of an ETF launch. Analysts believe the cryptocurrency could increase in value by 1.4 to 8.9 times.