Potential For Solana ETF Could Shift With New POTUS And SEC Leadership Balchunas

Two industry pundits argue that a change in SEC Chairmanship is crucial to even consider approving a spot Solana ETF in the United States.

Source: coinmuhendisi.com

On June 27, ETF issuer VanEck surprised the market by filing for a spot Solana ETF with the U.S. Securities and Exchange Commission. VanEck's head of digital assets research, Matthew Sigel, highlighted the fund's objective to leverage Solana's decentralized attributes, extensive utility, and economic viability. Despite this move, Balchunas expressed skepticism, noting the absence of Solana futures ETFs in the U.S. market. He drew parallels with Bitcoin and Ethereum, which had futures products prior to spot ETFs due to SEC concerns about potential fraud and market manipulation. 

Balchunas suggested that a new U.S. President and leadership change at the SEC in 2025 could shift regulatory perspectives, potentially paving the way for Solana ETF approvals. Jake Chervinsky, Chief Legal Officer at Variant Fund, supported this outlook, emphasizing that a new SEC interpretation under different leadership might be more favorable for spot Solana ETF applicants. Notably, the SEC, under Chair Gary Gensler, has categorized the SOL token as a security in lawsuits involving exchanges.

Controversy Surrounding The Prospects Of A Solana ETF

Adam Cochran of Cinneamhain Ventures suggests that resolving Solana's alleged security status should have preceded VanEck's filing for a spot Solana ETF. While Bitcoin advocate Anthony Pompliano responded positively to the news, indicating growing acceptance in the cryptocurrency market, not everyone shares his optimism.

Evgeny Gaevoy, CEO of Wintermute, predicts minimal investor interest in upcoming spot Ether ETFs, implying even less enthusiasm for a potential Solana ETF. This skepticism follows cryptocurrency asset manager 3iQ's recent filing for a spot Solana ETF in Canada, marking a significant move in North America.

Meanwhile, Franklin Templeton, managing over $1.5 trillion in assets, has lauded the Solana ecosystem and network in recent months. Globally, more than $1 billion worth of Solana exchange-traded products are already available, including offerings like the 21Shares Solana Staking ETP and the ETC Group Physical Solana product in Europe, as reported by ETF analyst James Seyffart based on June 20 data.

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