Solana ETF by POTUS change, SEC: Balchunas possible
According to Eric Balchunas, an analyst at Bloomberg ETF, Spot Solana (SOL) exchange-traded fund in the United States is only possible because of a change in management and the head of the securities regulator.
On June 27, ETF issuer VanEyck made a surprise move to register the Bota Solana ETF with the United States Securities and Exchange Commission.
Matthew Siegel, head of digital assets research at VanEq, said the new fund, called VanEq Solana Trust, capitalizes on Solana's decentralized nature, high leverage and economic viability.
However, Balchunas said his “knee-jerk reaction” is that since there are no Solana futures ETFs in the United States, the ETF will not be approved.
Both Bitcoin (BTC) and Ether (ETH) had futures products before ETFs arrived, as SEC fraud and market manipulation can affect spot ETF yields.
But a new US president and new leadership at the Securities and Exchange Commission in 2025 could change both things, Balchunas said in a June 27 post.
“Imagine Hester Pierce (or someone like that) running the SEC.
Jake Chervinsky, Variant Fund's chief legal officer, echoed the sentiment, noting that Peirce's interpretation of the Securities Exchange Act would be more favorable to Solana ETF applicants.
The SEC and Chairman Gary Gensler named the SOL token as a security in their lawsuit against Binance and Coinbase.
Debate on the success of the Solana ETF
However, Adam Cochran, a partner at venture capital firm SynamHine Ventures, believes VanEck would have been wise to clear SOL's security status before offering a position in the Solana ETF.
The news drew a strong response from Anthony Pompliano, an ardent Bitcoin advocate for the broader cryptocurrency market.
“VanEck listing for Solana ETF is further proof that altcoins are coming to Wall Street.”
Others, however, are not so confident.
Evgeny Gaevoy, CEO of the cryptocurrency trading company Wintermute, predicts to see “smaller revenues” in the soon-to-be-launched space Ether ETFs – which makes it clear how much less flows even to attract a space Solana ETF.
“All this to say, Wintermute is both SOL and ETH long, so no fudge, just being realistic here. Adoption will take time.”
Related: ASX's first Bitcoin ETF hits $1.3m mark on first day of trading
This comes a week after crypto asset manager 3iQ introduced the Solana ETF in Canada, marking its North American debut.
Solana's ecosystem and network has received praise from $1.5 trillion asset manager Franklin Templeton in recent months.
More than $1 billion worth of Solana exchange-traded products have been offered worldwide, including the 21Shares Solana Staking ETP and the ETC Group Physical Solana product, according to Bloomberg EFA analyst James Seifert, who cited June 20 data.
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