Matthew Sigel, head of digital asset research at VanEck, said the odds of VanEck applying to issue a spot Solana ETF largely depend on the outcome of the 20204 presidential election and whether Gary Gensler remains chairperson of the Securities Exchange Commission. "Cryptocurrency voters are likely to play a significant role in this election. We have seen a shift in regulatory environments at the level of elected officials. Multiple Democrats voted for pro-cryptocurrency legislation." Sigel agreed with SEC Chairperson Gary Gensler's recent comments that "the Ethereum application is going well," adding, "This is probably the only time in three years that I agree with Gary Gensler."