Matthew Sigel, head of digital asset analysis at VanEck, stated that the probabilities 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 start of July, the funding agency filed an utility with the Securities and Exchange Commission (SEC). to launch first SOL-based spot fund.
This motion was promoted by VanEck even supposing the regulatory physique considers that The Solana community cryptocurrency is a safety and subsequently should be regulated.
At the time, Sigel had defined 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 additionally acknowledged 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 the place he harshly criticized Gensler for his persecutory angle in opposition to the cryptocurrency trade. He stated:
“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 analysis at VanEck.
This optimism is predicated on the truth that, all through his presidential marketing campaign, the Republican chief expressed his help for the cryptocurrency sector and promised pleasant regulation to encourage its development. Besides, promised to fireplace Gensler from the SEC.
The head of investigations believes his exit will consequence in extra digital asset ETFs. “We expect the SEC to approve more cryptographic products than in the last four years,” he concluded.
Sigel additionally talked about the lawsuits that he promoted the SEC in opposition to exchanges like Binance, Kraken or Coinbase for buying and selling not less than a dozen cryptocurrencies.
At that point, the SEC accused Binance of buying and selling 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 eliminated the phrase “cryptoasset securities”an motion that was interpreted as a reduction from a lot regulatory stress on cryptocurrencies.
This being the case, a change in the administration of the SEC may promote a new period for the digital markets sector.
To put into perspective, below Gary Gensler’s administration, the SEC solely allowed ETFs for bitcoin (BTC) and ether (ETH), the digital forex of the Ethereum ecosystem. Meanwhile, Europe presently has 30 cryptocurrency-based exchange-traded merchandise (ETPs).
Gensler begins to say goodbye
The head of the SEC He gave a speech with a farewell aroma throughout the Practicing Law Institute’s 56th annual securities regulation convention and stated, “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 didn’t affirm his departure, the tone of his phrases appears to point that his administration on the head of the SEC has an expiration date, particularly after Trump’s victory in the United States elections.
Gensler He is taken into account a form of villain for the cryptocurrency trade as a consequence of his actions in opposition to firms in the sector, forcing them to spend thousands and thousands of {dollars} to face the prices of the authorized lawsuits he promoted.
