The CEO of financial giant VanEck says the Solana (SOL) exchange-traded fund (ETF) won’t launch anytime soon unless one major event occurs.
In a new interview on CNBC Squawk Box, VanEck CEO Jan van Eck said that while the Ethereum (ETH) ETF was approved and launched this week, he does not expect the application for the SOL ETF to be approved in the near term.
“We filed for a Solana ETF, and Solana is competing with Ethereum, but I don’t think it’s going to be a short-term listing.”
However, when asked whether there was a possibility that the SOL ETF would be approved if the Republican Party wins the US presidential election in November this year, he answered yes.
While current US Democratic President Joe Biden and his administration are seen as being anti-cryptocurrency, Republican presidential candidate and former US President Donald Trump has openly supported cryptocurrencies.
van Eck says:
“The parties are really divided in terms of blockchain software support.”
He also said that while VanEck’s Ethereum ETF (ETHV), which launched this week, went off without a hitch, investment in that product likely won’t reach the levels seen in the Bitcoin (BTC) ETF.
“Ethereum products have been traded globally for years and the launch has been very smooth. There were a lot of issues with the Bitcoin ETF in January, but things are going smoothly now. Ethereum’s market cap is about a third of Bitcoin’s and I think investor interest will be waning. Today’s flow is in the range of 10% to 20% of Bitcoin’s flow, so interest is much lower.”
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