Asset managers VanEck and 21Shares have filed S-1 applications with the SEC for the first spot Solana (CRYPTO:SOL) ETF, marking a significant step for the cryptocurrency industry.

The approval and trading of the Solana ETF are heavily influenced by the outcome of the upcoming US Presidential election due to differing regulatory approaches.

Matthew Sigel, VanEck’s Head of Digital Asset Research, emphasised the impact of SEC leadership on the approval process, noting the evolving regulatory environment.

He criticised the current regulatory conditions but expressed confidence that the ETF could still be approved even if Biden wins.

The recently passed FIT21 Act, clarifying SEC and CFTC boundaries, could also influence future cryptocurrency regulations, potentially aiding Solana ETF approvals.