Ethereum

Solana

James

Approval of a spot Ethereum ETF by the U.S. securities regulator could pave the way for a similar fund for Solana, according to Bloomberg analyst James Seyffart. 
Solana, the fifth-largest cryptocurrency by market value, might see its own spot exchange-traded fund (<a href="https://crypto.news/tag/etf/" target="_blank" rel="">ETF</a>) “within a few years” if the U.S. Securities and Exchange Commission (<a href="https://crypto.news/tag/sec/" target="_blank" rel="">SEC</a>) approves spot <a href="https://crypto.news/tag/ethereum-etf/" target="_blank" rel="">Ethereum ETFs</a>, Seyffart indicated in a recent social media post. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Based on current precedent/needs — Will happen within a few years of getting a CFTC regulated futures market. But congress &amp; Market structure bills like FIT21 could make it happen quicker. I think a SOL ETF would see most demand vs other digital assets (aside from BTC &amp; ETH)— James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1793410731289067601?ref_src=twsrc%5Etfw" target="_blank" rel="">May 22, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
In <a href="https://x.com/JSeyff/status/1793410731289067601" target="_blank" rel="">an X post</a> on May 23, Seyffart didn’t rule out the possibility of a spot ETF for Solana (<a href="https://crypto.news/price/solana/" target="_blank" rel="">SOL</a>) launching in the near future, depending on the Commodity Futures Trading Commission (<a href="https://crypto.news/tag/cftc/" target="_blank" rel="">CFTC</a>) establishing a regulated futures market. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 “Based on current precedent/needs [the approval of spot Solana ETF] Will happen within a few years of getting a CFTC regulated futures market.” 
 James Seyffart 
</blockquote> 
The Bloomberg analyst also indicated that legislative measures such as the Financial Innovation and Technology for the 21st Century Act (FIT21) could accelerate this process, emphasizing that a spot Solana ETF would likely attract substantial demand, second only to Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="">BTC</a>) and Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="">ETH</a>). 
 You might also like: <a href="https://crypto.news/ethereum-etf-applicants-submit-19b-4-forms/" rel=""> Ethereum ETF applicants submit 19b-4 forms </a> 
The FIT21 Act <a href="https://crypto.news/fit21-bill-passed-by-us-house-of-representatives/" target="_blank" rel="">aims</a> to establish a comprehensive regulatory framework for cryptocurrencies, providing clarity for their trading. However, SEC Chair Gary Gensler has already <a href="https://crypto.news/fit21-act-opposed-by-secs-gensler-cites-risks-to-investors-and-markets/" target="_blank" rel="">publicly opposed</a> the bill, arguing that FIT21 would create “new regulatory gaps and undermine decades of precedent regarding the oversight of investment contracts, putting investors and capital markets at immeasurable risk.” 
The Biden administration <a href="https://crypto.news/white-house-objects-to-fit21-act/" target="_blank" rel="">has also signaled its opposition</a> to the bill, saying FIT21 “in its current form lacks sufficient protections for consumers and investors who engage in certain digital asset transactions.” 
The discussion around a Solana spot ETF comes amid market anticipation for the SEC to approve a spot Ethereum ETF. If approved, this would set a significant precedent, likely paving the way for other altcoin-focused ETFs, including Solana. 
The SEC’s decision on the spot Ethereum ETF proposal from VanEck is expected on May 23. 
 Read more: <a href="https://crypto.news/sources-hint-at-nancy-pelosis-support-for-the-fit21-crypto-bill/" rel=""> Sources hint at Nancy Pelosi’s support for the FIT21 crypto bill </a>

Bloomberg analyst foresees spot Solana ETF following Ethereum approval

crypto.news

Other articles published on May 23, 2024

Understanding Altcoins: More Than Just Bitcoin Alternatives

Binance Wins Court Battle, BNB Price Jumps on Positive News

Top 5 Coins To Buy for Parabolic Rally As Bitcoin Mirrors 2017 Bull Market

Global Bitcoin ETF Close To Stacking 1M BTC, Bullish For BTC Price?

Ethereum ETH ETF PUMP Altcoins 10-100x

BlockDAG’s Worldwide Display Tour Rakes in $30M Presale, Luring Investors Away from Retik Finance...

Join our free newsletter for daily crypto updates!