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Заголовок VanEck’s Head of Research Explains Steps to Get a Spot Solana ETF Approved
Дата 20240704

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VanEck’s Head of Research Explains Steps to Get a Spot Solana ETF Approved

Head of research at VanEck, Matthew Sigel, discussed cryptocurrency regulation• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта
in the US following the firm’s recent move to file for a Solana spot ETF.

Spot ETFs are the latest wave of financial instruments in the US. They offer
institutional players exposure to crypto assets amid the country s
stringent regulatory environment.

Solana ETF Approval: Insights from VanEck

Sigel says a Solana ETF is a possibility, given how smoothly Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum ETF
applications are going, as told by the US Securities and Exchange Commission
(SEC) chair, Gary Gensler. His optimism is based on the assumption that the
same qualities that qualify ETH as a commodity also apply to SOL .

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If these products [ETH ETFs] are allowed to trade, then that confirms that
Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum is a commodity. And the same thing will be true of Solana as well,”
said Sigel, talking to Sonali Basak and Tim Stenovec on Bloomberg Crypto.

According to Sigel, Solana s lack of a Futures Market, unlike Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin
and Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum, should not be an obstacle. This echoes what he said in a recent
interview, that the US SEC should consider using the 19b4 forms used in
approving Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin spot ETFs in January .

This is as opposed to focusing on whether Solana has a regulated futures
market. Reportedly, the same happened for the ETH ETF applications.

Further, Sigel highlights that multiple other ETFs exist despite being
irrelevant, mentioning shipping, uranium, and power ETFs. The VanEck
researcher also called for a “change in the regulatory environment in
Washington,” alluding that the buck stops with the SEC chair .

It all depends on the SEC chair. If Gensler is still the SEC chair, it is not
going to happen unless he has been given instructions to treat this asset
class differently,” Sigel said.

Read more: 13 Best Solana (SOL) Wallets To Consider in July 2024

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Amid the expectation that a change in administration would favor crypto ,
Sigel is not alone on this thought. Galaxy Digital and Bloomberg analysts also
continue to express skepticism, with the Eric Balchunas citing regulatory and
political challenges.

Yes, the odds of a SOL ETF being approved in next 12 months are tied at the
hip to the odds of a change in POTUS and safe to say the chances of both are
higher today then they were yesterday.. Although we not giving any exact
number on this yet. Way too early,” Balchunas wrote .

Standard Chartered Bank’s head of FX and digital assets research, Geoffrey
Kendrick, also shares a similar perspective for Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin. He said the BTC price
could hit $100,000 by the time the US presidential election in November comes.

However, Kendrick’s forecast hinges on President• Соединённые Штаты Америки (США) » Политика США » Политики США » Президент США

• Соединённые Штаты Америки (США) » Государственное устройство США » Президент США

• Политика » Политика США » Политики США » Президент США

• Государство » Государственное устройство США » Президент США
Joe Biden• Объект человек » Персоналии по алфавиту » Персоналии на Ба » Байден, Джо remaining in the
presidential race past August 4. According to Ohio law, this is the deadline
for presidential candidate registration. If Biden• Объект человек » Персоналии по алфавиту » Персоналии на Ба » Байден, Джо remains the Democratic
nominee on this date, he could stay in the race until November.

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SOL Could Lead In Market Share

Highlighting VanEck’s forte in designing intelligent investment products,
Sigel indicated that the firm’s research favors Solana in the race for
blockchains with the largest market share. In retrospect, a Solana ETF could
bolster this position. Meanwhile, the possibility of a SOL ETF is already
ramping up SOL s status among traders and investors.

“I m working on my portfolio, but the final price won t be set
until next year. My plan: stocks and an ETF (Palantir and Tesla, I already
have the former), BTC, Solana, gold and overnight money,” an investor remarked
on X (formerly Twitter).

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On market share metrics, if the US SEC resorts to a first-come, first-served
approach, the Solana ETF could hit the market before the Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum ETF goes
live . Sigel highlighted this thesis, given that VanEck is the first to file
for a Solana ETF, just as it did with ETH ETF.

Read more: Solana (SOL) Price Prediction 2024/2025/2030

Meanwhile, ignoring the already visible changes in the regulatory environment
is impossible. Specifically at the elected official level , multiple Democrats
are already voting for pro-crypto legislation . This is a step in the right
direction, despite speculation that it is a political imperative as
presidential campaigns catch steam.

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