Nate Geraci, president of investment advisory firm The ETF Store, said that given that CME-traded Solana futures do not currently exist, the only viable path to obtaining approval for a spot Solana ETF appears to be to implement a legal crypto regulatory framework that clearly defines which crypto assets are securities and which are commodities, or the SEC agrees to designate Solana as a non-securities commodity. In any case, the agency will also need to reach surveillance-sharing agreements with currently unregulated spot cryptocurrency exchanges. None of this seems likely under the current administration, making the VanEck and 21Shares applications likely to bet on a more crypto-friendly government.