Coin World reports: Bitcoin and Ethereum spot ETF issuer VanEck submitted the application documents for the Solana Fund (VANECK SOLANA TRUST) to the U.S. Securities and Exchange Commission (SEC) on the 27th of last month, becoming the first issuer to apply for a Solana spot ETF. Subsequently, another issuer, 21share, also submitted the application documents for the Solana spot ETF to the SEC the following day (28th).
Despite the consecutive submissions of Solana spot ETF application documents by issuers, what are the chances of approval? On this, VanEck’s head of digital asset research, Matthew Sigel, believes the U.S. election is an important timing.
The approval of the Solana spot ETF depends on the U.S. election and the SEC Chairman
We know that former President Trump has publicly supported cryptocurrencies multiple times, and Solana supporters believe that the approval of the Solana spot ETF will depend on whether Trump can win the November election. According to a Decrypt report, Matthew Sigel affirmed this view in an interview, but Sigel also added that whether SEC Chairman Gary Gensler continues to serve as the SEC Chairman is also very important. To join the discussion group without threshold, add V1: BTC4390, V2: JQLT0192
In the interview, Sigel first affirmed Gensler’s recent performance on the Ethereum spot ETF and stated that if Ethereum-related products are allowed to trade, this will confirm Ethereum’s status as a commodity. And he believes that the logic of allowing Ethereum-related products to trade also applies to Solana.
Additionally, when discussing the possibility of cryptocurrency spot ETFs, Sigel linked it to the U.S. political environment:
With the slight changes in the regulatory environment in Washington, we believe these (cryptocurrency spot ETFs) will be approved
But Sigel also said that this result does not entirely depend on the U.S. presidential election; he believes the key ultimately lies with the SEC Chairman:
I wouldn’t say it’s completely impossible, you know, even if Biden wins, we might have a new SEC Chairman. So everything depends on the SEC Chairman
Cryptocurrency voters play a decisive role in the presidential election
On the other hand, Sigel also stated in the interview:
Cryptocurrency voters have a great chance to play a decisive role in this election.
Sigel pointed out that the policy environment in the United States is changing:
We have seen changes in the regulatory environment at the official level. Several Democrats voted in favor of cryptocurrency legislation.
From this, it can be inferred that the recent relaxation of cryptocurrency regulation by the U.S. government may be influenced by cryptocurrency voters.
Analysts speculate that the Ethereum spot ETF will be listed within two weeks
On the other hand, there has been new progress with the much-anticipated Ethereum spot ETF, as Bloomberg analyst James Seyffart recently revealed on Twitter that Bitwise Invest has once again submitted the revised Ethereum ETF S-1 form.
Seyffart speculates that more issuers will submit similar applications this week, and the Ethereum spot ETF may be listed later next week or the week of July 15.
In the end, there is much that has not been written, such as specific opportunities and specific decisions, which often cannot be summarized in one article