Matthew Sigel, Head of Digital Assets Research at VanEck, explained in an interview the firm’s preference for filing a spot Solana-based (CRYPTO:SOL) Exchange Traded Fund (ETF) over one based on XRP.

VanEck sees Solana as comparable to Ethereum (CRYPTO:ETH) in terms of decentralisation and blockchain characteristics, crucial factors endorsed by the SEC for assessing crypto assets.

Sigel highlighted the absence of a significant futures market as a challenge but drew optimism from precedents in other commodity markets.

He acknowledged regulatory complexities and hinted at potential changes post-US elections affecting ETF approvals.

Sigel also addressed the hurdles facing an XRP (CRYPTO:XRP) ETF, citing internal and market demand constraints, while outlining VanEck's broader ambitions for crypto ETFs pending regulatory clarity.