CoinDesk Report:
VanEck, the issuer of Bitcoin and Ethereum spot ETFs, submitted an application to the U.S. Securities and Exchange Commission (SEC) for the VanEck Solana Trust on June 27, becoming the first issuer to apply for a Solana spot ETF. Subsequently, fellow issuer 21Shares also filed a Solana spot ETF application with the SEC on June 28.
While issuers have sequentially filed Solana spot ETF applications, what are the odds of approval? According to Matthew Sigel, Director of Digital Assets Research at VanEck, the upcoming U.S. presidential election is a crucial juncture.
The approval of a Solana spot ETF depends on the U.S. election and the SEC Chairman. Supporters of Solana believe that approval hinges on whether Trump can win the November election. Decrypt reported Sigel affirming this viewpoint, though he added that the reappointment of SEC Chairman Gary Gensler is equally significant.
In an interview, Sigel initially praised Gensler’s recent handling of Ethereum spot ETFs, suggesting that approval for Ethereum-related products would confirm Ethereum’s status as a commodity. He posited that similar logic applies to Solana.
Furthermore, when discussing the possibility of cryptocurrency spot ETFs, Sigel linked it to the U.S. political environment:
“With minor shifts in Washington’s regulatory landscape, we believe these [cryptocurrency spot ETFs] will gain approval.”
However, Sigel noted that the outcome isn’t solely dependent on the U.S. presidential election; he emphasized the pivotal role of the SEC Chairman:
“I wouldn’t say it’s entirely impossible. You know, even if Biden wins, we could still have a new SEC Chairman. So, it all depends on the SEC Chairman.”
Cryptocurrency voters play a decisive role in the presidential election.
Moreover, Sigel remarked during the interview:
“Cryptocurrency voters have a significant opportunity to influence this election.”
Sigel pointed out that the policy environment in the U.S. is evolving:
“We have seen changes in regulatory attitudes at the official level. Several Democratic officials have voted in favor of cryptocurrency legislation.”
It is thus speculated that recent U.S. government relaxation of cryptocurrency regulations may be influenced by cryptocurrency voters.
Analysts speculate that the Ethereum spot ETF could be listed within two weeks.
On the other hand, recent developments regarding the anticipated Ethereum spot ETF have surfaced. Bloomberg analyst James Seyffart recently tweeted that Bitwise Invest has resubmitted a revised Ethereum ETF S-1 form.
Seyffart speculates that more issuers will submit similar applications this week, and the Ethereum spot ETF could potentially be listed later next week or during the week of July 15.
Ultimately, there are many aspects not covered in this article, such as specific opportunities and decisions, which are often beyond the scope of a single piece.
