Bloomberg ETF analyst James Seyffart prompt a possible timeline for the launch of a Solana-based spot exchange-traded fund (ETF).
Seyffart hinted that the Solana ETF could also be delayed regardless of rising anticipation within the crypto group following current discussions surrounding spot Ethereum ETFs.
futures market regulated by the CFTC
A Bloomberg ETF knowledgeable defined that the timeline for the Solana ETF might lengthen to a number of years relying on the regulatory surroundings in america. He mentioned:
“Based mostly on present precedent/wants, (it) will occur inside a number of years of getting a futures market regulated by the CFTC. However legal guidelines from Congress (and) market constructions like FIT21 might speed up that.”
He additionally burdened that the Solana ETF might face delays resulting from its classification as securities by the Securities and Change Fee (SEC). Not like Ethereum, the SEC particularly designated Solana as a safety in its lawsuits in opposition to Coinbase and Kraken. Seyffart added:
“However the SEC doesn't dance round SOL standing like they’ve ETH. These lawsuits in opposition to COIN, Kraken and others make it clear that Solana is a safety.
Regardless of these challenges, Seyffart believes Solana-based ETFs would doubtless appeal to extra demand than different altcoin ETFs.
Consultants debate the Solana ETF
Seyffart's feedback come amid rising group demand for the Solana ETF.
On a current CNBC present, Brian Kelly, CEO of digital forex funding agency BKCM, prompt that Solana might be the following cryptocurrency-based spot ETF to debut within the US.
As well as, Kelly famous that the SEC's approval of spot Ethereum ETFs might make clear the market and probably pave the best way for the launch of different crypto-based ETFs.
Nonetheless, Nate Geraci, president of The ETF Retailer, believes the Solana ETF spot is not going to materialize till the Solana futures product is traded on the Chicago Mercantile Change or U.S. lawmakers set clear guidelines for cryptocurrencies. Added by:
After the approval of the Ethereum ETF, the Crypto ETF extension was shut down for some time.
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