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VanEck Identifies Sole Barrier to Solana ETFs!
VanEck Reveals Sole Impediment to Solana ETFs!
VanEck’s Head of Digital Assets Research, Matthew Sigel, has stipulated that the authorization of a Solana ETF by the company hinges on the appointment of a fresh SEC chairman.
By: Elif Azra Güven
03.07.2024 – 10:21
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Following the endorsement of a Spot Ethereum ETF, initial petitions for Solana ETFs have surfaced. VanEck has submitted the premier Solana (SOL) application, trailed by 21Shares.
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Breaking News: VanEck Files Application for Solana (SOL) ETF!
Prospective Chairperson Change Crucial for Solana ETF Ratification!
With uncertainties looming over SOL ETFs, Matthew Sigel, the Head of Digital Assets Research at VanEck, affirmed that the approval of the company’s Solana ETF is contingent on the SEC Chairman.
In a conversation with Bloomberg, Matthew Sigel suggested that the green light for the SOL ETF is reliant on the installment of a new SEC chairman post the US elections in November.
Highlighting that, currently, an additional bottleneck for SOL ETFs, aside from the SEC Chairman, pertains to the absence of a regulated futures market for Solana, which may impede the endorsement of the spot ETF.
Nonetheless, Sigel expressed confidence in VanEck’s ability to secure spot ETF approval sans a futures ETF.
“Despite the myriad challenges confronting the Spot Solana ETFs, we are optimistic about acquiring SOL approval with a minor shift in the regulatory landscape in Washington.
“I don’t foresee the lack of futures market regulation as a setback for the Solana ETF.”
Concluding, Sigel remarked that even if the Biden administration emerges victorious in the election, the prospects for greenlighting Solana ETFs will persist.
Sigel emphasized that the approval of the Solana ETF is contingent on the appointment of a new SEC Chairman or alterations in the current SEC administration’s stance towards cryptocurrencies.
“I anticipate a change in the SEC’s cryptocurrency outlook only through the installment of a new chairman.”
*This does not constitute investment counsel.
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