Could Donald Trump Victory Secure Solana ETF Approval?
The post Could Donald Trump Victory Secure Solana ETF Approval? appeared on BitcoinEthereumNews.com.
VanEck and 21Shares have filed for a Solana-based exchange-traded fund (ETF). However, the outlook for approval is uncertain, with much depending on the upcoming US presidential election results. If Donald Trump, a Republican, wins the presidency, the dynamics might shift favorably. Solana Institutional Demand Remains High Experts such as Bloomberg ETF analyst James Seyffart consider VanEck and 21Shares’ filings to be a long shot under the current administration. Industry analysts predict slim chances of the ETF’s approval if Democrats retain control. Conversely, a Securities and Exchange Commission (SEC) head, likely appointed under Trump, could improve these odds. Currently, prediction markets like Polymarket show a 67% chance of Trump winning the 2024 election. Read more: Who Is Gary Gensler? Everything To Know About the SEC Chairman 2024 Election Forecast. Source: Polymarket Speculation is rife about potential replacements for Gary Gensler, the current SEC chair, should Trump reclaim the presidency. Dan Gallagher, Chief Legal Officer at Robinhood and former SEC Commissioner, is rumored to be a candidate for Gensler’s position. Meanwhile, some industry leaders view the Solana ETF filing skeptically. Nic, CEO of CoinBureau, considers it a marketing tactic. “It’s great to see Van Eck filing for a SOL ETF. However, I think it’s really unlikely it will get approved this year. There isn’t a CME futures market for market data to have been gathered (something the SEC explicitly requires). Moreover, ETH ETFs have yet to launch, and we don’t know what demand will be like. Also, the impact of FIT21 could speed up its running. But not this year,” Nick said. Matthew Sigel from VanEck’s digital asset research team argues that a CME futures market isn’t mandatory for crypto-ETF approval. However, industry consensus suggests that significant regulatory acceptance might only come with new SEC leadership. Despite skepticism, institutional interest in Solana…
Filed under: News - @ July 2, 2024 4:22 pm