VanEck and 21Shares filed the S-1 for the first Solana spot ETF.
The approval of the Solana ETF is contingent on the outcome of the U.S. presidential election.
Future Solana ETF approval requires regulatory clarity.


Solana ETF launch heavily dependent on election results
Asset management companies VanEck and 21Shares have officially submitted the S-1 application for the first Solana spot ETF to the U.S. Securities and Exchange Commission (SEC). This is another important development following the successful launch of the Bitcoin ETF in January and the expected Ethereum ETF to be traded soon.
Presidential election is the main deciding factor
However, the road to the launch of the Solana ETF may not be so smooth. Matthew Sigel, head of digital asset research at VanEck, emphasized that the approval and potential trading of the Solana ETF market depends largely on the results of the upcoming US presidential election. The reason is that different approaches to cryptocurrency regulation and potential changes in SEC leadership may significantly affect the approval process.
In a recent interview with Bloomberg, Sigel stressed that approval and potential trading in the Solana ETF market is heavily dependent on the election results.


source:
X
This is due to significant differences between political parties regarding cryptocurrency regulation, as well as potential changes in the SEC’s leadership.
President Biden’s administration has taken a more cautious and regulatory approach to digital assets. While not overtly hostile, it has emphasized the need for stronger regulation and consumer protection.
On the other hand, former President Trump initially held anti-crypto views, but later changed his tune. Now he seems to be more supportive of the industry than the Biden administration.
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Sigel noted that the influence of cryptocurrency voters in the election is increasing, citing changes in the regulatory environment in Washington.
Regardless of Who Wins, Solana ETF Approval Is Certain
Cryptocurrency has indeed become an important issue in the fight for the White House. The Biden administration has a very different view on digital asset regulation than former President Donald Trump, a pro-crypto figure.
However, there are still some hurdles to overcome. One of the main issues is that there is currently no regulated market for Solana futures trading. Sigel attributed this to the influence of SEC Chairman Gary Gensler, calling it "Gensler psychological warfare." He noted that market conditions have been like this since Gensler took office. Despite this challenge, Sigel is confident that the Solana ETF will be approved, even if Biden wins the election. However, he stressed that the outcome also depends on who serves as the SEC chairman.
Sigel urged the SEC to adopt a fair and timely approval process. He believes that if Ethereum products are allowed to trade, it will solidify Ethereum’s status as a commodity, and the same principle should apply to Solana.
Alex Thorn, head of research at Galaxy Digital, added another perspective to the discussion. He analyzed the spot Solana ETP applications filed by VanEck and 21Shares. Thorn discussed the recently passed FIT21 bill, which clarifies the regulatory boundaries between the SEC and the Commodity Futures Trading Commission (CFTC). This legislation could play a key role in the future,
Clarifying whether digital assets should be considered commodities or securities
Thorn suggested that such clarity could improve the chances of future ETF approvals.
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Solana ETF News Sparks Market Frenzy, Sends SOL Price Soaring
As of the latest market update, Solana’s native token, SOL, is trading at $133. This price reflects a drop of 8.3% in the past 24 hours.


SOL/USD daily price chart. Source: TradingView