VanEck, the New York City-based investment management firm moving deeper into crypto, has filed to launch an exchange-traded fund tracking the price of Solana’s native token, SOL. However, some are skeptical that the current administration will approve it.

This latest filing represents the first attempt at launching a SOL ETF in the U.S. Many analysts have said such a move was inevitable after the U.S. Securities and Exchange Commission recently gave the green light to Ethereum-based funds, but few suspect it will be successful at first go. 

“There's no way this gets done; I suspect it's buying goodwill and laying the groundwork to get the ball rolling,” Hasseb Qureshi, a partner at investment firm Dragonfly Capital, told The Block. “But SEC has explicitly stated they believe SOL …