Gary Gensler's Firing 'Likely' to Boost Solana Spot ETF Prospects, Says VanEck Exec

IconCryptoNewsTerminal Staff03 Jul, 2024

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Gary Gensler's Firing 'Likely' to Boost Solana Spot ETF Prospects, Says VanEck Exec

VanEck's Matthew Sigel believes the approval of a physical Solana exchange-traded fund (ETF) is "much more likely" if Gary Gensler, the Chair of the U.S. Securities and Exchange Commission (SEC), is fired. Sigel, who is VanEck's head of digital asset strategy, said the potential impact of Gensler's removal on crypto markets "cannot be overstated." He accused Gensler of creating a "red herring" by claiming there is no regulated futures market for physical Solana, and of "gerrymandering" the market structure to prevent the approval of a spot ETF. Gensler has been a vocal critic of cryptocurrency spot ETFs, arguing that they pose risks to investors due to the lack of regulation in the underlying markets. However, Sigel believes that the SEC's concerns are unfounded and that a spot ETF would provide investors with a safe and convenient way to gain exposure to Solana. "The approval of a physical Solana ETF would be a major milestone for the cryptocurrency industry," said Sigel. "It would provide investors with a regulated and transparent way to invest in Solana and would help to legitimize the asset class."

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