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Matthew Sigel from VanEck shared his belief that the approval of a Solana ETF is achievable despite the absence of a regulated futures market, emphasizing the blockchain's decentralization and regulatory developments.
Overcoming Market Hurdles for Solana ETF
Head of Digital Assets Research at VanEck, Matthew Sigel, recently voiced optimism on the future of a Solana ETF in an interview transcript. He believes Solana ETF approval will prevail despite the lack of a regulated futures market.
Sigel said that while conventional wisdom links ETF viability to a strong futures market, uranium, and other sectors have shown that this linkage is not always true.
Sigel stated in a YouTube interview that VanEck's Solana ETF launch depends on a comprehensive understanding of the blockchain's decentralization and value.
He said, “When we examined the language around decentralization and characteristics of the blockchain… the ETH and SOL assets at this point are fundamentally the same.”
Coingape shares VanEck also considers Solana an ETF asset due to its decentralization and commodities utility. This is because it provides access to a vast open-source App Store. Sigel was optimistic despite the US regulatory environment, where a large futures market is required for ETF certification.
He acknowledged the regulatory focus on a large, regulated futures market for transparency and price development. However, the VanEck executive said, “We think this can get done but probably might need a different SEC chair.”
VanEck’s Strategic International Experience
Sigel also noted VanEck's international Solana ETF experience. For nearly three years, he highlighted their successful European implementation. VanEck's operational background helps it negotiate regulatory constraints and market challenges for novel financial products.
Another major financial player, 3iQ, has applied for a Solana Fund in Canada. Meanwhile, 21Shares filed for a SOL ETF, competing with VanEck. These firms filed Solana ETF 19-b4s lately.
Bloomberg ETF analyst Eric Balchunas also set a mid-March 2025 timeframe for these ETFs.
Sigel also noted Spot Bitcoin ETFs' strong performance and investor response. He said, "To have $16 billion in these products after six months… alerted the world that this asset class is here to stay." He stressed institutional investors' involvement in early adoption.
Regulatory Landscape and SEC Chair Remark
Sigel noted hedge funds' proactive approach compared to typical advisors, predicting market engagement. Sigel noted Ethereum ETF regulatory progress. He said, “Gary Gensler described the Ethereum ETF process as running smoothly,” suggesting Gensler could approve the ETF.
However, US products lack staking rewards, lowering expectations. This may affect global attractiveness. Sigel offered complex views on Gensler-era SEC regulation.
He criticized regulatory discrepancies, citing Ripple and Binance court rulings upholding decentralization against SEC claims. Sigel commented, "Federal judges ruling that secondary sales of assets like XRP or BNB are not securities transactions… are very positive for the Coinbase suit."
The need for a futures market for spot Ethereum, Solana, and other crypto ETF approvals is SEC Chair Gary Gensler's "side out," Sigel believes. He also stressed the necessity for a new SEC Chair to clarify regulations.
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