Solana ETF is a bet on Trump’s presidential victory, confirms VanEck executive – DiarioBitcoin

According to Matthew Sigel of VanEck, the request for Solana ETF that they presented last week is based on Trump winning the elections, and with it comes a new direction for the SEC with a less biased perspective on cryptocurrencies.

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• Matthew Sigel confirmed rumors about the ETF application Solarium Presented by VanEck
• They expect it to be approved only if Trump becomes president of the United States.
• They hope that with Trump comes a new presidency for the SEC, which is more objective with cryptocurrencies
• Trump has focused part of his speech on promises for the cryptocurrency sector

Matthew Sigel, director of digital asset research for VanEck, spoke out regarding the recent ETF application Solarium the company submitted a cash transaction, confirming that it was submitted in the hope that Donald Trump will become president of the United States and work to create clear regulations applicable to the cryptocurrency sector.

Sigel’s clarification came in a tweet published today through his X account, where he literally stated that “confirmed” to the analyst of Bloomberg, James Seyffart, the thesis presented in relation to this topic in recent days:

“VanEck Solana ETF filing may be a bet on Trump victory” I can confirm @JSeyff

“VanEck Solana ETF filing may be a bet on Trump win”

Can confirm, @JSeyff ✅ pic.twitter.com/MPPtVAkey9

— matthew sigel, recovering CFA (@matthew_sigel) July 1, 2024

As such, it was Siegel himself who announced on June 27 that VanEck introduced before the U.S. Securities and Exchange Commission (SEC) your request for Solana ETF in cash. Although many analysts think that the chances of approval are almost zero, he justified that SUN shares the same characteristics as others such as BTC either ETH, so they considered it to be a “commodity or raw material”and they see no impediment to denying it given that the Ethereum ETF in cash have already been practically approved.

However, after this clarification, Siegel confirmed that they have high expectations that former President Trump will win the US presidency in the next elections, and that for his new cabinet he will remove the president of the SEC, Gary Gensler, which would force a change in the agency’s perspective on cryptocurrencies more in line with campaign promises.

Expectations for the Trump presidency

Siegel’s confirmation points directly to Trump’s perspective on cryptocurrencies during his election campaign, which he sees as a central focus of his race for the US presidency.

The former president’s messages contrast with the policies that President Joe Biden’s administration has managed so far, which has been questioned both inside and outside the digital currency sphere.

Analysts agree that Trump has known how to take advantage of this vacuum, and now, facing his campaign, he calls himself “crypto president”. It also assures that it will respect the rights of investors, advocate for self-custody of Bitcoin and other digital currencies, will support crypto mining activities and work to ensure the future of the sector is in the US.

On Biden’s side, although the measures are a little more discreet on campaign issues, there seems to be an interest in wanting to reach the crypto sector, since he has been consulting on the matter with certain members of the industry. However, the most palpable evidence of a change in policies is the apparent turn in the perspective of the SEC, who gave the go-ahead to ETFs Ethereum in cash and is about to authorize the launch of these products on the stock exchange.

After the presidential debate held last Thursday, public opinion suggests that Trump could have a very clear path to the presidency over Biden, so it remains to be seen whether the current president will remain in the electoral race, or give way to another candidate who has the support of the Democratic Party.

As for VanEck, the company is waiting for authorization to launch its fund based on Ethereum in cash. And looking ahead to your ETF Solarium She doesn’t seem to be alone, since 21Shares also introduced before the SEC application for your own product associated with said digital currency.

Article by Angel Di Matteo /DiarioBitcoin

Picture of BitcoinDiary, free to use, under public domain license

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