Solana Soars 6% As VanEck Files For First Solana ETF And Analysts Predict Speedy Approval If Donald Trump Is President

The
Solana
price


pumped

over
6%
after
VanEck
filed
for
a
Solana
ETF
(exchange-traded
fund)
and
some
analysts
said
regulatory
approval
might
come
quickly
if
Donald
Trump
retakes
the
White
House.

VanEck
Files
For
The
First
Solana
ETF
In
The
US,
Calls
Solana
A
Commodity 

“I
am
excited
to
announce
that
VanEck
just
filed
for
the
FIRST
Solana
exchange-traded
fund
(ETF)
in
the
US,”
VanEck’s
head
of
digital
assets
research
Matthew
Sigel
said
in
an


X
post

yesterday.

Sigel
went
on
to
say
that


VanEck

believes
SOL
is
a
commodity
because
it
“functions
similarly
to
other
digital
commodities
such
as
bitcoin
and
ETH.”

I
am
excited
to
announce
that
VanEck
just
filed
for
the
FIRST
Solana
exchange-traded
fund
(ETF)
in
the
US.

Some
thoughts
on
why
we
believe
SOL
is
a
commodity
are
below.

Why
did
we
file
for
it?
A
competitor
to
Ethereum,
Solana
is
open-source
blockchain
software
designed
to…

pic.twitter.com/XwwPy8BXV2

—
matthew
sigel,
recovering
CFA
(@matthew_sigel)

June
27,
2024

If
approved,
the
VanEck
Solana
Trust
would
list
on
the
Cboe
BZX
Exchange.
It
will
“hold
SOL
and
will
value
its
shares
daily
based
on
the
reported
MarketVectorTM
Solana
Benchmark
Rate,”
the
asset
manager’s
S-1


registration
statement

said.

The
Solana
price
traded
at
$144.73
as
of
2:35
a.m.
EST.

Crypto
ETFs
Could
Be
Approved
A
Lot
Quicker
If
Trump
Is
Elected

With
a
CNN
poll
after
yesterday’s
first
presidential
debate
showing
57
percent
of
viewers
having
no
confidence
in
Joe
Biden’s
ability
to
lead
the
US,
and
with
44
percent
saying
they
do
have
confidence
in
Trump,
there
may
soon
be
a
president
who
has
said
he
will
be
pro-crypto.

That
means
VanEck’s
Solana
ETF
could
receive
approval
faster
than
many
may
think,
according
to
GSR,
one
of
the
biggest
crypto
market
makers
and
investors.

“While
the
current
legislative
and
regulatory
makeup
is
unlikely
to
adopt
rules
enabling
the
launch
of
myriad
spot
digital
asset
ETFs,
a
Trump
administration
and
liberal
SEC
Commissioner
could
do
exactly
that,”
it
said
in
a
note.
“Not
only
is
such
a
scenario
possible,
but
it
may
even
be
probable.”

This
development
comes
amid
crypto’s
growing
presence
in
American
politics.
Billionaire
investor
Mark
Cuban,
best
known
for
his
role
in
the
TV
show
”Shark
Tank,”
has
even


said

that
a
presidential
candidate’s
stance
towards
the
digital
asset
sector
could
make
or
break
their
campaign.

As
a
result,
Trump
has
recently
developed
a
positive
stance
towards
the
nascent
industry,
even
accepting
crypto
donations
for
his
campaign.

Other
SOL
Cryptos
Poised
To
Gain
From
Hype
Around
Solana
ETF
Products

The
mania
around
Solana
meme
coins
this
year
may
be
reignited
by
the
hype
around
the
possible
launch
of
a
Solana
ETF.

That’s
great
news
for
Solana
meme
coin
stars
like
Dogwifhat
(WIF),
Bonk
(BONK),
and
Book
of
Meme
(BOME),
as
well
as
for
red
hot
SOL
presales
like


Sealana
(SEAL),
which
is
set
to
list
next
week
after
a
blockbuster
ICO
that
raised
more
than
$6
million.

Related
Articles: