TechFlow news, according to Decrypt, Matthew Sigel, VanEck's head of digital asset research, said in an interview that the approval of VanEck's spot Solana ETF application largely depends on the outcome of the 2024 U.S. presidential election and whether Gary Gensler remains chairman of the U.S. Securities and Exchange Commission (SEC). VanEck submitted its spot Solana ETF application last week, followed closely by 21Shares.
Sigel noted that as the regulatory environment in Washington shifts, several Democratic lawmakers have begun supporting crypto legislation, and crypto voters may play a pivotal role in this election. He also mentioned that if Ethereum-related products are approved for trading, it would confirm their status as commodities—and Solana should be treated similarly. However, there is currently no regulated Solana futures market, which Sigel referred to as a "Gensler mind game." He emphasized that while the presidential election outcome matters, the final decision ultimately lies with the SEC chair.
