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- A VanEck executive has reiterated an SEC leadership change is vital for Solana ETF approval.
- In hopes of a change in SEC leadership, many crypto proponents are rallying behind Donald Trump.
VanEck’s Matthew Sigel says the company’s filing for Solana ETF is a big bet on Donald Trump’s reelection. Notably, VanEck recently became the first firm to file a SOL ETF application in the US, as previously reported by Crypto News Flash.
VanEck’s Solana ETF Filing
VanEck revealed intentions to launch a spot Solana ETF last week through an S-1 documentation submitted to the US Securities and Exchange Commission (SEC). According to the details, VanEck’s ETF would be called the VanEck Solana Trust. It would be listed on the Cboe BZX Exchange if it is approved. The ETF will allow users to hold Solana directly, however, VanEck has no intentions of including staking to the ETF.
Matthew Sigel, Head of digital assets research at VanEck, discussed the Solana ETF in an interview with Bloomberg Crypto. Sigel said the ETF’s approval is dependent on the removal of Gary Gensler as Chairman of the SEC. He highlighted that Trump’s reelection as President will make this possible.
When asked if Biden’s reelection will deter the Solana ETF, Sigel says a new SEC Chairman could be appointed nonetheless. He added that launching a Solana ETF would be impossible if Gensler remained Chair. However, things can change if he’s given instructions to treat digital assets differently.
Sigel’s comments confirm speculation from Bloomberg ETF analyst Eric Balchunas on the social media platform X. Balchunas stated that he believed the Solana ETF filing was “a call option on the POTUS election.”
“Yes, the odds of a Solana ETF being approved in the next 12mo are tied at the hip to the odds of a change in POTUS and safe to say the chances of both are higher today then they were yesterday.. Altho we are not giving any exact number on this yet. Way too early,” Balchunas noted.
Surprisingly, another Bloomberg ETF analyst, James Seyffart, highlights 2025 as a potential timeline for VanEck’s SOL ETF launch. Reiterating Crypto News Flash’s earlier reports, the analyst also said the Solana ETF launch will depend on a new White House administration.
Meanwhile, 21Shares has also followed in VanEck’s footsteps by filing for a core SOL ETF in the US. According to an earlier report from Crypto News Flash, the ETF seeks to track Solana’s performance and adjust it for the Trust’s expenses and liabilities.
Per SOL, the cryptocurrency has faced a substantial decline over the past week. In 24 hours, SOL’s price decreased by 7% to trade at $132.7, with a market cap of $61 billion.
Trump Earns Support from Crypto Enthusiasts
Trump has been gaining support recently from crypto enthusiasts worldwide after recent claims he’d serve as “the crypto president.”
The former US President has demonstrated his support for crypto by accepting campaign contributions in various cryptocurrencies. Per Crypto News Flash’s earlier announcement, Trump and Elon Musk may collaborate on crypto policy should Trump reclaim the White House.
The support Trump receives from the community is not a surprise. Many digital asset stakeholders perceive the Biden Administration as hostile towards the sector.
