Solana

United

James

The much anticipated launch of the spot Ethereum <a href="https://news.todayq.com/is-sec-crackdown-on-staking-threatens-ether-etf-popularity/" rel="noopener noreferrer nofollow">Exchange-Traded Fund</a> (ETF) has ignited a buzz in the market. A Bloomberg ETF analyst offered insights into the timeline for launching a Solana linked ETF. However, he suggested that the launch of a Solana ETF could be delayed due to regulatory hurdles. Solana ETF soon? 
According to James Seyffart, the expected timeline for a Solana ETF may see an extension over several years. The current regulatory environment might primarily influence this in the United States. The experts explained that the approval process is tied to building a Commodity Futures Trading Commission (CFTC) regulated futures market for the crypto.
He stated that “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.”
It is important to note that there is one major obstacle for Solana ETF to launch is its classification as a security by the Securities and Exchange Commission (SEC). Unlike Ethereum and other cryptos, the SEC has explicitly labeled Solana as a security. This has been mentioned in the lawsuits filed against major exchanges such as Coinbase and Kraken.&nbsp;
Seyffart highlighted this challenge and stated “But SEC isn’t dancing around SOL’s status like they have ETH. Those lawsuits against Coinbase and Kraken and others flat out say ‘Solana is a security.” Despite these challenges, the expert believes that a Solana ETF would likely attract big demand. This could be more than other altcoin ETFs. What’s on the timeline? 
Reports suggest that Crypto investor and CNBC ‘Fast Money’ trader Brian Kelly recently fueled this debate. He suggested that Solana could be the next digital asset to receive a spot ETF. He made this major prediction during the CNBC post-market talk show Fast Money on May 22.
“The trade now is, who’s next,” asked Kelly. “You’ve got to think about Solana as probably the next one. Bitcoin, Ethereum and Solana are probably the big three for this cycle.”
Solana has been riding on a high road with a major upswing over the past year. SOL has managed to gain more than 71% on the year to date (YTD). Solana is trading at an average price of $174.47, at the press time. Its 24 trading volume is up by 8% to stand at $4 billion.

Will Solana get Its ETF? Regulatory challenges pose major hurdles

Todayq News

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