- The CEO of the financial behemoth VanEck has expressed skepticism about the near-term approval of a Solana (SOL) exchange-traded fund (ETF).
- Despite the recent approval of Ethereum (ETH) ETFs, VanEck’s application for a SOL ETF is not expected to move forward soon.
- In a CNBC Squawk Box interview, VanEck CEO Jan van Eck highlighted the political divide in the U.S. regarding blockchain support.
VanEck CEO casts doubt on quick approval for Solana ETF amidst political divides in the U.S. Ensure you’re up-to-date with the latest developments in the crypto ETF landscape.
Solana ETF Approval Not on the Horizon
VanEck CEO Jan van Eck recently conveyed his doubts about the imminent approval of a Solana (SOL) ETF. Speaking on CNBC’s Squawk Box, he mentioned that despite the successful approval and launch of Ethereum (ETH) ETFs this week, a SOL ETF listing is unlikely in the short term.
Political Climate Impacting Crypto ETF Approvals
Van Eck pointed out the stark differences in blockchain support between U.S. political parties. He implied that a SOL ETF would have a better chance of approval if the Republican Party were to secure a victory in the upcoming presidential election. Republican nominee Donald Trump has shown support for crypto, in contrast to the current Democratic administration under President Joe Biden, which is considered less friendly towards cryptocurrencies.
Ethereum ETF Launches Smoothly Despite Lower Interest
VanEck’s Ethereum ETF (ETHV) launched this week without major issues. Van Eck noted that Ethereum products have been trading globally for several years, contributing to a seamless launch. However, he tempered expectations by stating that investor interest in Ethereum ETFs is unlikely to reach the levels seen for Bitcoin ETFs. With Ethereum’s market cap being roughly a third of Bitcoin’s, the investor flows are also significantly lower, estimated to be just 10% to 20% of Bitcoin’s flow.
Conclusion
In conclusion, while the Ethereum ETF rollout has been successful, the prospects for a Solana ETF appear bleak unless there are significant political changes in the U.S. Investors should stay informed about the evolving regulatory landscape and its impact on crypto ETFs. The divide between political parties in their support for blockchain technology is stark and could be a decisive factor in future ETF approvals.
