Investment firm VanEck on Thursday filed for a Solana-based exchange-traded fund.

Many experts say the U.S. Securities and Exchange Commission is unlikely to approve the listing, given that it has already declared Solana’s native token is a security in at least two lawsuits.

However, VanEck Head of Digital Assets Research Matt Sigel said it is the right time to try.

“We believe that the regulatory landscape is shifting,” Sigel told The Block in an interview. He pointed to recent bipartisan legislative advancements, such as the passage of the landmark FIT21 market structure bill and how the SEC abruptly changed course and agreed to approve spot ether ETFs to support his position.

VanEck has been on record since last year that it believes the Trump campaign will win reelection, which …