VanEck Head of Digital Assets Research 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.
This ETF aims to follow in the steps of approved spot ETFs for Bitcoin and Ethereum, despite lacking a futures market on CME. Sigel believes surveillance sharing agreements (SSAs) with spot crypto exchanges could eliminate the need for CME futures.
Bloomberg analysts agree an SSA “should be enough,” but note the necessity of new SEC leadership or legislative action. The SEC’s lawsuits against exchanges like Coinbase complicate SSA arrangements. Historical milestones include BlackRock’s June 2023 spot Bitcoin ETF application featuring similar SSAs.
The strategic importance of VanEck’s Solana ETF lies in its potential to reshape regulatory standards for crypto ETFs, contingent on political outcomes.
