Matthew Sigel, head of digital asset research at VanEck, said that the chances of there being a solana (SOL) exchange-traded fund (ETF) in the United States “are overwhelmingly high by 2025.”
As CriptoNoticias has reported, at the beginning of July, the investment firm filed an application with the Securities and Exchange Commission (SEC). to launch first SOL-based spot fund.
This action was promoted by VanEck despite the fact that the regulatory body considers that The Solana network cryptocurrency is a security and therefore must be regulated.
At the time, Sigel had explained that SOL is “a competitor to Ethereum, it is open source blockchain software designed to handle various applications, including payments, commerce, gaming and social interactions.”
He had also stated that “the (Donald) Trump administration will be friendlier in encouraging innovation and capital formation in digital assets.”
After the Republican victory in the elections, Sigel gave an interview to the Financial Times where he harshly criticized Gensler for his persecutory attitude against the cryptocurrency industry. He said:
“It was Gary Gensler’s SEC that broke with the long-standing tradition of the rules-driven process and regulated by enforcing the rules. Returning to the usual system based on information disclosure would create scope for further innovation in this area.”
Matthew Sigel, head of digital asset research at VanEck.
This optimism is based on the fact that, throughout his presidential campaign, the Republican leader expressed his support for the cryptocurrency sector and promised friendly regulation to encourage its growth. Besides, promised to fire Gensler from the SEC.
The head of investigations believes his exit will result in more digital asset ETFs. “We expect the SEC to approve more cryptographic products than in the last four years,” he concluded.
Sigel also mentioned the lawsuits that he promoted the SEC against exchanges like Binance, Kraken or Coinbase for trading at least a dozen cryptocurrencies.
At that time, the SEC accused Binance of trading with BNB, BUSD, SOL from Solana, ADA from Cardano, MATIC from Polygon, FIL from Filecoin, ATOM from Cosmos, SAND from Sandbox, MANA from Decentraland, ALGO from Algorand, AXS from Axie Infinity and COTI tokens from Coti.
However, in September 2024, the SEC amended the lawsuit and removed the phrase “cryptoasset securities”an action that was interpreted as a relief from so much regulatory pressure on cryptocurrencies.
This being the case, a change in the administration of the SEC could promote a new era for the digital markets sector.
To put into perspective, under Gary Gensler’s administration, the SEC only allowed ETFs for bitcoin (BTC) and ether (ETH), the digital currency of the Ethereum ecosystem. Meanwhile, Europe currently has 30 cryptocurrency-based exchange-traded products (ETPs).
Gensler begins to say goodbye
The head of the SEC He gave a speech with a farewell aroma during the Practicing Law Institute’s 56th annual securities regulation conference and said, “It has been a great honor to serve with the team, doing people’s work and ensuring our capital markets remain the best in the world.”
Although he did not confirm his departure, the tone of his words seems to indicate that his management at the head of the SEC has an expiration date, especially after Trump’s victory in the United States elections.
Gensler He is considered a kind of villain for the cryptocurrency industry due to his actions against companies in the sector, forcing them to spend millions of dollars to face the costs of the legal lawsuits he promoted.