Matthew Sigel, Head of Digital Assets Research at VanEck, expressed strong confidence that the U.S. Securities and Exchange Commission (SEC) will approve a spot Solana-ETF by the end of 2025. In an interview with the Financial Times, Sigel highlighted the increasing likelihood of such an approval in the coming years.

“I believe the chances of a Solana-ETF being approved by the end of next year are extraordinarily high,” Sigel stated.

Regulatory Changes and Opportunities

Sigel noted that potential changes in SEC leadership could pave the way for greater innovation in the crypto industry. He anticipates a significant increase in the number of exchange-traded funds (ETFs) based on digital assets.

“We expect the SEC to approve more crypto products than in the past four years,” he added.

Political Impact on Crypto Regulation

Matt Hougan, Chief Investment Officer at Bitwise, remarked that the upcoming U.S. presidential elections could be a pivotal moment for the cryptocurrency sector. He believes policy shifts in government will drive the growth of crypto applications and the mass adoption of digital assets.

“Over the last four years, the crypto industry operated with limited opportunities, facing hostility from the SEC and regulatory uncertainty. Once these barriers are removed, we’ll see an explosion of crypto applications, significantly impacting the real world,” Hougan observed.

ETF Applications and Market Growth

In June 2024, VanEck filed an application for a spot Solana-ETF. Sigel had previously stated that the outcome of the U.S. presidential elections could play a crucial role in the approval process for such crypto funds.

Other notable ETF developments include:

In September 2024, Bitwise filed for a spot XRP-ETF.
In November 2024, Swiss firm 21Shares joined the race with its own application.
In October, crypto investment company Canary Capital filed for a Litecoin-ETF.

Milestones in the ETF Market

On November 13, 2024, the total trading volume of spot Bitcoin-ETFs surpassed $500 billion, marking a significant milestone for the cryptocurrency investment sector. These developments underscore the growing integration of digital assets into traditional financial markets.