Matthew Sigel, the head of digital asset research at VanEck, stated that the likelihood of VanEck applying to issue a spot Solana ETF largely depends on the results of the 2024 presidential election and whether Gary Gensler continues to serve as chairman of the U.S. Securities and Exchange Commission. "Cryptocurrency voters are likely to play an important role in this election. We have seen changes in the regulatory environment at the elected officials level. Multiple Democratic lawmakers voted in favor of legislation supporting cryptocurrencies." Sigel agreed with SEC Chairman Gary Gensler's recent comments that "Ethereum applications are progressing smoothly" and added, "This may be the only time in three years that I agree with Gary Gensler's views."