The post Spot Solana ETF Approval Is Betting on the 2024 Election Outcome appeared on BitcoinEthereumNews.com.

Key Points: VanEck and 21Shares are leading the race to launch a spot Solana ETF with bets on changes in US political leadership. Former President Trump will likely reshape the SEC’s stance on crypto products with new leadership. Despite the challenges, there is optimism about a favorable regulatory environment under a potential future administration. The race for the first US spot Solana ETF approval has intensified, driven by institutional bets and political calculations ahead of the upcoming election. According to CoinDesk, asset manager VanEck has taken the lead, filing with the SEC to launch a spot Solana ETF, closely followed by 21Shares. Race for Spot Solana ETF Approval Intensifies Amidst Political Analysts view VanEck’s move as a strategic gamble linked to the November election. James Seyffart from Bloomberg Intelligence suggests that under the current SEC administration, which historically scrutinizes crypto ETFs without federally regulated futures markets, a spot Solana ETF might face denial. However, Seyffart speculates that a potential shift in the White House and SEC leadership towards crypto-friendly policies could alter this outlook. According to CoinDesk, under Biden, the SEC has been reluctant to approve crypto-related products, often taking years for those that are approved. A Trump administration would likely replace SEC Chair Gary Gensler and could change the agency’s priorities significantly. While only Bitcoin ETFs have received US approval so far and Ethereum ETFs are still pending full authorization, Solana, as one of the leading cryptocurrencies, appears a logical progression. Bloomberg’s Eric Balchunas and others argue that a change in US leadership may be necessary for serious consideration of a spot Solana ETF. Challenges and Speculations Surround Potential Approval of Solana ETFs The SEC’s classification of SOL as a security in recent actions against major exchanges adds another layer of complexity. This designation, coupled with the absence of…

---

Filed under: News - @ June 29, 2024 8:04 am