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A spot Solana ETF in the United States could become a reality with a change in SEC leadership, according to industry experts. The current regulatory environment poses challenges, but a new administration might pave the way for approval.
Experts Indicate New SEC Leadership and Administration Changes Needed for Spot Solana ETF Approval
According to Bloomberg ETF analyst Eric Balchunas (via Cointelegraph), establishing a spot Solana exchange-traded fund in the United States may depend on a change in the administration and the director of the securities regulator.
On June 27, VanEck, an ETF issuer, suddenly submitted a spot Solana ETF application to the United States Securities and Exchange Commission.
According to Matthew Sigel, VanEck's director of digital assets research, the VanEck Solana Trust is a new fund designed to maximize Solana's economic feasibility, high utility, and decentralized nature.
Balchunas maintained that the ETFs would not be authorized due to the absence of Solana futures ETFs in the United States, a reaction he termed his "knee jerk reaction."
Bitcoin and Ether had futures products before the introduction of spot ETFs, as the SEC was concerned that fraud and market manipulation could potentially affect the spot ETF products.
Balchunas stated in a June 27 X post that a new U.S. President and a new leadership at the Securities and Exchange Commission in 2025 could alter the two factors.
“Just imagine Hester Peirce (or someone like that) running the SEC.”
Jake Chervinsky, the chief legal officer of Variant Fund, endorsed this view. Chervinsky noted that Peirce's interpretation of the Securities Exchange Act would likely be more favorable for spot Solana ETF applicants.
In its lawsuits against Binance and Coinbase, the SEC and its Chair, Gary Gensler, classified SOL as a security.
Experts Divided on VanEck's Solana ETF Filing Amid Security Status Concerns and Adoption Challenges
Adam Cochran, a partner at the venture capital firm Cinneamhain Ventures, believes that resolving SOL's alleged security status would have been more prudent before VanEck filed for a position in the Solana ETF.
Anthony Pompliano, a Bitcoin advocate who has recently become more optimistic about the broader cryptocurrency market, responded favorably to the news:
“VanEck filing for a Solana ETF is further proof that altcoins are coming to Wall Street.”
However, some could be more assured.
Evgeny Gaevoy, CEO of Wintermute, a cryptocurrency trading firm, anticipates that the spot Ether ETFs scheduled to be introduced will experience "minimal inflows." This projection implies that a spot Solana ETF would attract even fewer flows.
“I'm saying this all while Wintermute is long both SOL & ETH, so no fud, just being realistic here. Adoption takes time.”
It takes place one week after 3iQ, a cryptocurrency asset manager, applied for a Solana ETF in Canada, the first in North America.
In recent months, Franklin Templeton, an asset manager with a $1.5 trillion portfolio, has also expressed his appreciation for the Solana ecosystem and network.
Bloomberg ETF analyst James Seyffart, who cited June 20 data, has reported that over $1 billion worth of Solana exchange-traded products are available worldwide. This includes the 21Shares Solana Staking ETP and Europe's ETC Group Physical Solana product.
Photo: Microsoft Bing
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