VanEck’s Digital Assets Research Head, Matthew Sigel, confirmed that their Solana spot ETF proposal hinges on Donald Trump winning the 2024 US Presidential election. The application deadline is March 2025, post-election, and approval odds are slim if Joe Biden remains in office.
A significant hurdle is the lack of a futures market for Solana on CME, a factor that aided Bitcoin and Ethereum ETFs. Grayscale’s case against the SEC highlighted that surveillance sharing agreements were crucial for spot Bitcoin ETFs.
Sigel believes VanEck won’t need a CME futures market for Solana, as surveillance sharing agreements (SSAs) with spot crypto exchanges might suffice. Bloomberg analysts agree but note that change at the SEC or congressional action is needed.
The outcome of this ETF proposal could set a precedent for future crypto ETFs, influencing regulatory frameworks and market strategies.
