Bitcoin

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

Published

4 months ago

July 3, 2024

Be a part of Our Telegram channel to remain updated on breaking information protection

The Solana value pumped over 6% after VanEck filed for a Solana ETF (exchange-traded fund) and a few analysts mentioned regulatory approval may come rapidly if Donald Trump retakes the White Home.

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

“I’m excited to announce that VanEck simply filed for the FIRST Solana exchange-traded fund (ETF) within the US,” VanEck’s head of digital property analysis Matthew Sigel mentioned in an X publish yesterday.

Sigel went on to say that VanEck believes SOL is a commodity as a result of it “capabilities equally to different digital commodities resembling bitcoin and ETH.”

I’m excited to announce that VanEck simply filed for the FIRST Solana exchange-traded fund (ETF) within the US.

Some ideas on why we imagine SOL is a commodity are beneath.

Why did we file for it?
A competitor to Ethereum, Solana is open-source blockchain software program designed to… pic.twitter.com/XwwPy8BXV2

— matthew sigel, recovering CFA (@matthew_sigel) June 27, 2024

If authorised, the VanEck Solana Belief would record on the Cboe BZX Change. It would “maintain SOL and can worth its shares each day primarily based on the reported MarketVectorTM Solana Benchmark Price,” the asset supervisor’s S-1 registration assertion mentioned.

The Solana value traded at $144.73 as of two:35 a.m. EST.

Crypto ETFs Might Be Accredited A Lot Faster If Trump Is Elected

With a CNN ballot after yesterday’s first presidential debate exhibiting 57 p.c of viewers having no confidence in Joe Biden’s means to steer the US, and with 44 p.c saying they do trust in Trump, there might quickly be a president who has mentioned he can be pro-crypto.

Which means VanEck’s Solana ETF might obtain approval sooner than many might imagine, in line with GSR, one of many greatest crypto market makers and buyers.

“Whereas the present legislative and regulatory make-up is unlikely to undertake guidelines enabling the launch of myriad spot digital asset ETFs, a Trump administration and liberal SEC Commissioner might do precisely that,” it mentioned in a observe. “Not solely is such a state of affairs potential, however it might even be possible.”

This improvement comes amid crypto’s rising presence in American politics. Billionaire investor Mark Cuban, greatest recognized for his position within the TV present ”Shark Tank,” has even mentioned {that a} presidential candidate’s stance in direction of the digital asset sector might make or break their marketing campaign.

Consequently, Trump has not too long ago developed a constructive stance in direction of the nascent trade, even accepting crypto donations for his marketing campaign.

Different SOL Cryptos Poised To Achieve From Hype Round Solana ETF Merchandise

The mania round Solana meme cash this yr could also be reignited by the hype across the potential launch of a Solana ETF.

That’s nice information for Solana meme coin stars like Dogwifhat (WIF), Bonk (BONK), and Ebook of Meme (BOME), in addition to for pink sizzling SOL presales like Sealana (SEAL), which is ready to record subsequent week after a blockbuster ICO that raised greater than $6 million.