The likelihood of a Solana exchange-traded fund (ETF) being approved in the U.S. by the end of 2025 is extremely high, according to Matthew Sigel, VanEck’s head of digital asset research, who shared his insights on November 15. Sigel anticipates that with the election of crypto-friendly Donald Trump, the U.S. Securities and Exchange Commission (SEC) will be more inclined to approve cryptocurrency-related products.
Sigel noted in a Financial Times interview that Trump’s November 5 election win would likely lead to a more favorable regulatory environment for digital assets. He believes the SEC will approve a greater number of crypto ETFs compared to the past four years under the current administration.
“I’m confident that a Solana ETF will be trading by the end of 2025,” Sigel stated, highlighting the optimistic outlook for Solana and other crypto ETFs in the near future.
Following Trump’s victory, several crypto ETFs awaiting approval from the SEC stand a better chance of being listed, with more than a dozen applications currently in the pipeline. In 2024 alone, asset managers filed for ETFs based on altcoins such as Solana (SOL), XRP, and Litecoin, among others.
Moreover, there are pending applications for crypto index ETFs, designed to offer diversified portfolios of various digital assets.
Bloomberg Intelligence’s Eric Balchunas referred to these filings as “call options on a Trump victory,” suggesting that industry players were preparing for this outcome. Under President Biden, the SEC took a tougher regulatory stance, initiating over 100 actions against crypto entities. In contrast, a Trump presidency would likely bring a more crypto-friendly environment, including the potential for a new SEC chair with a more libertarian approach to regulation.
While Trump has not officially named a replacement for SEC Chairman Gary Gensler, some speculate that former Commodity Futures Trading Commission (CFTC) head Chris Giancarlo, who has expressed his disinterest in taking the position, may be succeeded by Summer Mersinger. Mersinger, a Republican CFTC commissioner, has advocated for a less restrictive stance toward digital assets.
In the meantime, regulatory reviews are already underway for several high-profile crypto ETFs. On November 4, the SEC began examining Grayscale’s proposal to launch an ETF that would hold a mix of cryptocurrencies, including various altcoins. A few days later, the SEC also started reviewing requests for ETFs based on spot Ether options.
Matt Hougan, CIO of Bitwise Asset Management, described the election result as a major win for the cryptocurrency industry, calling it a “game-changer.” He emphasized that the past four years had been challenging for the industry due to regulatory uncertainty and limited access to essential banking services. With these obstacles likely easing, Hougan expressed optimism about the future of digital assets.
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