- Van Eck Take responsibility for ~ Solana ETF at Us.
- Speculation about a leadership change abounds. secretary.
- Siegel Expect Cryptocurrency voter It plays an important role.
Exchange-traded funds (ETFs) in the United States are gaining significant attention due to their potential to attract institutional investors to cryptocurrencies. With the recent approval of an Ethereum ETF, investment firm VanEck is pushing for approval of its own Solana ETF. However, any altcoin ETF is likely to face significant regulatory hurdles.
The U.S. regulatory environment is so problematic that even VanEck analysts admit that significant changes are needed before a Solana ETF can be approved. The important thing to note is that approval is likely to depend on changes to the Securities and Exchange Commission (SEC) after the 2024 election.
VanEck’s Sigel Talks Solana ETF Approval
While Solana is the most likely candidate to win approval for the next ETF in the U.S., there are significant regulatory hurdles standing in the way. In an interview with Bloomberg on Tuesday, July 2, Matthew Siegel, head of digital asset research at VanEck, laid out what the company expects to happen before approval.
Siegel stressed that the approval of the Solana ETF largely depends on changes within the SEC. He noted that current SEC Chairman Gary Gensler has imposed strict requirements on all altcoin ETFs, including Solana’s currently nonexistent regulated futures market.
Siegel criticized the requirement as unnecessary, citing other ETFs, such as transportation and uranium, that do not rely on futures markets to form prices. He suggested it may be a deliberate strategy to delay cryptocurrency ETF approval.
“We think that is a Gensler psyop,” Sigel stated. “He has created that condition since taking power. There are a number of ETFs that trade where the futures market is irrelevant to the price formation.”
In any case, Siegel thinks any change in the SEC’s position will likely depend on a change in SEC leadership, which could happen shortly after the 2024 elections.
Crypto Voters Could Sway Elections: Sigel
Siegel believes the 2024 elections, regardless of the outcome, are likely to play a significant role in the SEC’s transformation, as politicians from both major political parties increasingly take into account the power of pro-crypto voters.
Since the start of his campaign, former President Donald Trump has expressed a more favorable view of cryptocurrencies, a contrast to his previous skeptical stance, when he once called Bitcoin a “fraud.” In addition, Trump has recently received a large amount of donations from cryptocurrency businesses, which could influence his policies.
On the other hand, Siegel believes that a Biden victory could lead to changes at the SEC. In particular, he points out that several Democrats have already supported crypto policies despite the party’s traditionally skeptical stance toward cryptocurrencies.
On the other side
- The current political climate appears more favorable to cryptocurrencies, but this could change quickly for a number of reasons. First, climate change concerns are a major issue for Bitcoin mining. Us.
- Several prominent Democrats, including New York City Mayor Eric Adams, support cryptocurrencies, a controversial issue within his party. I opposed it Cryptocurrency mining is banned in New York State.
Why this matters
Regulation is one of the most important risks facing the cryptocurrency industry today, especially in the U.S. Changes in the regulatory environment will have a significant impact on the cryptocurrency industry in this major economy.
Read more from our experts on VanEck’s Solana ETF.
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