VanEck and 21Shares, two big companies, want to start a particular type of fund called an ETF for digital money named Solana (SOL). They sent in their requests recently, and they hope that if Donald Trump wins the next presidential election in November, he will be more supportive of digital money.

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• VanEck and 21Shares, two asset management firms, apply to launch a Solana (SOL) ETF, possibly anticipating a Trump victory in the upcoming November elections.
• Bitcoin ETFs are only approved in the U.S., while Ethereum’s Ether applications are still under review. The introduction of Solana signals a significant advancement in the cryptocurrency sector.
• Under Biden’s leadership, the Securities and Exchange Commission (SEC) has shown restraint in green-lighting crypto-related products. However, a potential Trump administration could significantly alter this cautious approach.

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VanEck and 21Shares Bet on Trump Win for Solana ETF Launch Amid Crypto Evolution

VanEck was the first to ask to start a Solana ETF, and 21Shares did the same thing a day later. The approval process for these things takes a long time, so it seems like they’re thinking that Trump, who has recently shown more interest in digital money, might win the presidency again.

So far, only ETFs for Bitcoin, another type of digital money, have been allowed in the U.S. Some requests are still waiting for approval for another digital money called Ether (ETH), which is part of Ethereum. But adding Solana, one of the biggest digital currencies, makes sense.

Under President Biden, one big problem for these requests is that the group that checks them, the Securities and Exchange Commission (SEC), wants a big, regulated market for this digital money like there is for Bitcoin and Ether.

However, since Trump recently started accepting digital money for his campaign, he might be more open to it, which could solve this problem.

An analyst named James Seyffart, who works for Bloomberg Intelligence, thinks that VanEck’s request seems like a bet on the November election results. He believes that things could change if there’s a new administration in the White House and new leadership at the SEC that likes digital money more.

VanEck is already considering its next step, with an Ether ETF expected to be approved soon. The company has asked to start a SOL ETF, a necessary step to bring a new fund to the market.

The timing of this request is important because the SEC has to respond to a particular form within 240 days. If VanEck asked for a Solana ETF now, the deadline would be during the first month of a possible new Trump administration.

Current predictions suggest a 67% chance of a Trump victory against the current President, Joe Biden in the November election. The SEC under Biden has been careful about approving things related to digital money, with those approved taking several years.

However, a Trump administration could bring significant changes, possibly even replacing the current SEC Chair, Gary Gensler. VanEck has yet to say whether its request for a SOL ETF depends on a possible Trump presidency.

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