Solana
VanEck’s Solana ETF Proposal Depends on Trump’s Presidential Win, Matthew Sigel Confirms – Emeren Group (NYSE:SOL)
In a recent revelation, Matthew SigelHead of Digital Asset Research at Van Eckconfirmed that the company’s Solana spot ETF proposal is contingent on Donald Trump winning the upcoming US presidential election.
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As CryptoSlate reported Wednesday, Sigel validated the speculation surrounding VanEck’s Solana spot ETF proposal. The deadline for applications is set for March 2025, well after the November 2024 U.S. presidential election. “I can confirm,” Sigel said succinctly.
Analysts have indicated that the chances of approval for each ETF are virtually non-existent if a Democratic victory leaves Joe Biden in office. However, the chances increase, although not guaranteed, if Trump wins the election. This is due to the likelihood that Trump will appoint a new SEC chairman to replace the current chairman, Gary Gensler. The cash ETF approvals come amid continued regulatory scrutiny of the cryptocurrency industry. In early May, Chairman Gensler criticized the FIT21 Crypto Bill, warning that it could create “new regulatory loopholes,” receiving harsh criticism from the crypto community. Mark Cuban reiterated his position that SEC Chairman Gary Gensler’s actions could cost Joe Biden the 2024 U.S. presidential election.
Another potential hurdle for the Solana ETF is the lack of a futures market on the CME, a crucial factor for Bitcoin and Ethereum spot ETFs to gain regulatory approval. However, Sigel is confident that VanEck will not need to establish a CME futures market around Solana to secure its ETF.
Bloomberg analysts agreed that a surveillance sharing agreement (SSA) “should be sufficient,” but concluded that VanEck’s strategy “will only work if there is new leadership at the SEC and/or a literal act of Congress.”
VanEck’s Solana ETF proposal comes after the asset manager filed a Form S-1 registration with the SEC for a Solana exchange-traded fund (ETF), marking the first attempt at a Solana ETF in the United States. This resulted in a 6% increase in the price of Solana.
Shortly after VanEck filed his complaint, 21Shares Announces Application for Solana Spot ETFmarking another important milestone in ongoing efforts to introduce cryptocurrency-based investment products into traditional financial markets.
The momentum of these ETF applications has led to a significant increase in the price of Solana, the digital asset up 16% over seven daysoutperforming both Bitcoin and Ethereum.
As of July 1, 2024, Emeren Group Ltd’s American Depositary Shares, each representing 10 SOL shares, closed at USD 1.54, down 1.91% from their previous close.
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