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VanEck’s Head of Digital Assets Research Matthew Sigel on Wednesday stated that cryptocurrency voters could swing the upcoming U.S. presidential election.
What Happened: “There’s a good chance that crypto voters are going to make the difference in this election,” Sigel said when Addressing the potential impact of the upcoming presidential election.
He observed a shift in the regulatory environment at the elected official level, with multiple Democrats supporting pro-crypto legislation. This change reflects the increasing political weight of the crypto community.
Sigel also emphasized the growing importance of regulatory treatment of Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL).
“Ethereum applications are going smoothly, and this might be the only time in three years that I’ve agreed with Gary Gensler about something,” he said, in an interview with Bloomberg, noting a remark by SEC Chair Gary Gensler during a recent conference.
He explained that if Ethereum-based products are permitted to trade, it would confirm Ethereum’s status as a commodity, a classification that could extend to Solana as well.
Sigel pointed out the lack of a regulated futures market for Solana, which might be hindering ETF approvals. He criticized Gensler's approach, saying, “We think that is a Gensler psyop. He has created that condition since taking power.”
Sigel argued that various ETFs, such as those for shipping, uranium and power, operate independently of futures markets.
He expressed optimism that a slight regulatory shift in Washington could lead to approval for these digital asset ETFs.
Also Read: Why Is Bitcoin Down To $60K Today?
When discussing the competition between Ethereum and Solana ETFs, Sigel acknowledged the fiduciary responsibilities of asset managers, saying, “Fiduciaries want to pick the asset that they think is going to go up the most and then take a bet.”
He emphasized that VanEck provides extensive research to help clients make informed decisions, highlighting their belief in Solana’s potential to capture the largest market share in the blockchain space.
Sigel also mentioned the ongoing SEC filings for Ethereum ETFs, urging the regulatory body to adhere to its traditional approval process.
“It is not too late for the SEC to do the right thing and revert to its traditional first come, first serve process towards approving these ETFs. And under that framework, VanEck would go first,” he said.
What’s Next: The evolving regulatory landscape and the influence of crypto voters will be key topics at Benzinga’s Future of Digital Assets event on Nov. 19.
Image: Shutterstock
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