James Seyffart, a Bloomberg ETF analyst, has prompt a possible timeline for the launch of a Solana-based spot exchange-traded fund (ETF).
Seyffart indicated {that a} Solana ETF is perhaps delayed regardless of rising anticipation inside the crypto group following latest discussions surrounding spot Ethereum ETFs.
CFTC-regulated futures market
The Bloomberg ETF knowledgeable defined that the timeline for a Solana ETF may prolong over a number of years, influenced by the regulatory setting in the USA. He mentioned:
“Primarily based on present precedent/wants, [it] will occur inside just a few years of getting a CFTC-regulated futures market. However Congress [and] market construction payments like FIT21 may make it occur faster.”
He additionally highlighted that the Solana ETF would possibly face delays attributable to its classification as a safety by the Securities and Alternate Fee (SEC). Not like Ethereum, the SEC has explicitly labeled Solana as a safety in its lawsuits towards Coinbase and Kraken. Seyffart added:
“However SEC isn’t dancing round SOL’s standing like they’ve ETH. These lawsuits towards COIN and Kraken and others flat out say ‘Solana is a safety.’”
Regardless of these challenges, Seyffart believes a Solana-based ETF would probably entice extra demand than different altcoins ETFs.
Specialists debate Solana ETF
Seyffart’s feedback come amid rising group requires a Solana ETF.
On a latest CNBC present, Brian Kelly, CEO of digital forex funding agency BKCM, prompt that Solana could possibly be the following crypto-based spot ETF to debut within the US.
Moreover, Kelly famous that the SEC’s approval of spot Ethereum ETFs may make clear the market, doubtlessly paving the way in which for the launch of different crypto-based ETFs.
Nevertheless, Nate Geraci, president of The ETF Retailer, believes a spot Solana ETF gained’t materialize till a Solana futures product is traded on the Chicago Mercantile Alternate or US lawmakers set up clear crypto rules. He added:
“Crypto ETF spigot turned off for some time after spot Ethereum ETF approval.”
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