VanEck’s Spot Solana ETF Hinges on 2024 Presidential Election and SEC Leadership

  • VanEck’s pursuit for a spot Solana ETF hinges on various political and regulatory developments.
  • Recent filings suggest strong interest from investors and competitors alike.
  • “Crypto voters could significantly impact the upcoming U.S. presidential election,” says Matthew Sigel of VanEck.

Explore the intersecting influence of politics and regulations on VanEck’s spot Solana ETF bid, and what it means for the future of cryptocurrency investments.

Political Landscape and Its Influence on Solana ETF

VanEck’s Head of Digital Assets Research, Matthew Sigel, highlighted that the outcome of the 2024 presidential election could critically influence their bid for a spot Solana ETF. Whether Gary Gensler continues as the Chairman of the Securities and Exchange Commission (SEC) under the new administration remains a key factor. Sigel suggested that a potential victory for former President Donald Trump may increase the odds of the ETF’s approval.

Regulatory Movements and Crypto Legislation

Sigel’s interview also touched on a noticeable shift within Washington’s regulatory environment. “We are witnessing a wave of pro-crypto legislation backed by multiple Democratic lawmakers,” he mentioned. This transition signifies a promising yet tentative path for digital assets within the regulatory landscape. Particularly noteworthy is the growing discourse around acceptable frameworks for various cryptocurrencies, including Solana and Ethereum.

Ethereum as a Commodity: Implications for Solana

In agreeing with SEC Chair Gary Gensler’s stance on Ethereum, Sigel postulated that the seamless trading of Ethereum-based products potentially establishes Ethereum’s status as a commodity. Extending this rationale, he argued that Solana should be treated similarly, thereby bolstering the case for a spot Solana ETF. However, he expressed concerns over the lack of a regulated futures market for Solana, which he attributes to constraints imposed by the current SEC leadership.

Political Factors and Approval Prospects

Sigel linked the potential approval of crypto ETFs to the overarching political climate. “Even with minor changes in Washington’s regulatory outlook, there’s an optimistic chance for these ETFs to gain approval,” he asserted. Nevertheless, he clarified that the outcome doesn’t solely hinge on the presidential election, emphasizing the pivotal role of the SEC chair, who could change irrespective of the election’s results.

VanEck’s Stand on Fairness in ETF Approvals

Advocating for equity in the ETF approval process, Sigel reiterated VanEck’s commitment to offering diverse investment options. “It’s essential for the SEC to return to a first come, first serve basis for approving ETFs. Under this system, VanEck would lead the charge,” he argued, urging for a fair and transparent approach in regulatory practices.


In summary, the trajectory of VanEck’s spot Solana ETF is intricately woven with the political and regulatory shifts on the horizon. Investors and stakeholders will need to closely monitor these developments, as they hold significant implications for the broader cryptocurrency market. The evolving landscape presents both challenges and opportunities, making it imperative for the SEC to adopt a balanced, forward-thinking approach to ETF approvals.

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Marisol Navaro
Marisol Navaro is a young 21-year-old writer who is passionate about following in Satoshi's footsteps in the cryptocurrency industry. With a drive to learn and understand the latest trends and developments, Marisol provides fresh insights and perspectives on the world of cryptocurrency.

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