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Solana price Pumped More than 6% after VanEck filed for a Solana ETF (exchange-traded fund) and some analysts said regulatory approval could come quickly if Donald Trump reclaims the White House.
VanEck Files for First Solana ETF in the US, Calls It a Commodity
“I am pleased to announce that VanEck has just filed for the first Solana exchange-traded fund (ETF) in the United States,” Matthew Siegel, head of digital assets research at VanEck, said in a statement. Share X yesterday.
Siegel went on to say that Van Eyck He believes SOL is a commodity because it “functions similarly to other digital commodities such as Bitcoin and Ethereum.”
I’m pleased to announce that VanEck has just applied for the first Solana exchange-traded fund (ETF) in the United States.
Here are some thoughts on why we believe SOL is a commodity.
Why did we apply?
Solana, a competitor to Ethereum, is an open source blockchain software designed… pic.twitter.com/XwwPy8BXV2— Matthew Siegel, CFA Recovery (@matthew_sigel) June 27, 2024
If approved, VanEck Solana Trust will list on the Cboe BZX exchange. It will “hold SOL and value its shares daily based on the published MarketVectorTM Solana Benchmark Rate,” the asset manager’s S-1 rate. Registration Statement He said.
Solana price was trading at $144.73 as of 2:35 AM ET.
Cryptocurrency ETFs Could Be Approved Much Faster If Trump Is Elected
With a CNN poll conducted after yesterday’s first presidential debate showing that 57% of viewers do not trust Joe Biden’s ability to lead the United States, and 44% saying they trust Trump, there may soon be a president who says he will be pro-crypto.
This means VanEck’s Solana ETF could receive approval faster than many might think, according to GSR, one of the largest cryptocurrency market makers and investors.
“While the current legislative and regulatory landscape is unlikely to enact rules that would enable the launch of countless spot digital asset ETFs, the Trump administration and a liberal SEC commissioner could do just that,” the firm said in a note. “Not only is such a scenario possible, it may be likely.”
The development comes amid growing cryptocurrency presence in US politics. Even billionaire investor Mark Cuban, best known for his role on the TV show “Shark Tank,” has announced plans to expand his business. He said A presidential candidate’s stance on the digital asset sector could make or break his campaign.
As a result, Trump has recently taken a positive stance toward the emerging industry, even accepting cryptocurrency donations for his campaign.
Other cryptocurrencies listed on the Solana exchange are poised to capitalize on the hype around Solana ETF products
The Solana meme coin frenzy may be renewed this year due to hype around the potential launch of the Solana ETF.
It’s great news for Solana meme coin stars like Dogwifhat (WIF), Bonk (BONK), and Book of Meme (BOME), as well as hot SOL presales like Silana (torrent), Which is scheduled to list next week after a massive initial public offering that raised more than $6 million.
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