Solana

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<ul> 
 <li>Matthew Sigel of VanEck criticized the US SEC for delaying the approval of Solana ETFs.</li> 
 <li style="font-weight: 400;">Brazil recently became the first country to approve a spot in the Solana ETF.</li> 
</ul> 
Matthew Sigel, Head of Research at VanEck, <a href="https://x.com/matthew_sigel/status/1821985647021977602" target="_blank" rel="nofollow noopener">has criticized</a> the US Securities and Exchange Commission (SEC) for its regulatory approach to Solana ETFs. <a href="https://www.crypto-news-flash.com/brazil-greenlights-solana-etf-sol-surges-to-record-levels-against-eth/" target="_blank" rel="nofollow noopener">Brazil recently</a> became the first country to approve a spot for the Solana ETF, outpacing the United States in crypto asset regulation. According to Sigel, this development shows that there is a regulatory gap in the US, and this is not a good sign of the attitude towards cryptocurrency projects.&nbsp; 
Sigel’s critique is that Brazil is advancing while US regulators are still stuck on the little things rather than advancing in the cryptocurrency space. He notes that in the Solana ETF case, Brazil was quick to act, while the SEC was hesitant and called for a radical change in the US regulatory approach.&nbsp; 
This has come in light of the <a href="https://www.crypto-news-flash.com/solana-price-set-to-explode-as-etfs-approved-poodlana-approaches-6m/" target="_blank" rel="nofollow noopener">recent approval of Solana ETFs</a> in Brazil prompting the same for US regulators. Sigel has complained about the delay, stating that the SEC’s conservatism is unhealthy for the development of the cryptocurrency industry in the United States. He notes that the SEC’s current stance seems to be more of an attempt at stifling innovation within the crypto space. 
<h3 id="sigel-argues-us-regulators-lag-behind-in-cryptocurrency-space">Sigel Argues US Regulators Lag Behind in Cryptocurrency Space</h3> 
Sigel’s remarks capture a general dissatisfaction within the industry with the regulatory environment in the US. Some of the firms that have slammed the SEC for its approach to spot Bitcoin ETFs include VanEck and Coinbase, with complaints like higher borrowing costs and ambiguous rules.&nbsp;&nbsp; 
According to Sigel, a ‘soft fork’ is possible <a href="https://www.crypto-news-flash.com/solana-surges-35-in-48-hours-as-global-markets-rebound-ready-to-take-over-binance-coin-bnb/" target="_blank" rel="nofollow noopener">when the US government shifts</a> its stance towards cryptocurrencies. He opines that the White House could be used in changing the position of the SEC. The approval of Solana ETFs may correspond to the recent actions of the SEC, including the permission of spot Bitcoin ETFs in January and spot Ethereum ETFs in June. These decisions show that there might be a change in the approach of the regulators for digital assets.&nbsp; 
The present legal situation also has some encouraging trends. The SEC’s refusal to label Solana, Cardano, and Polygon as securities in a suit against Binance points to a changing landscape of the cryptocurrency industry. This change might open a door for better regulation of Solana ETFs and other cryptocurrency-related products.&nbsp; 
<h3 id="strong-experts-caution-against-expecting-immediate-sec-approval-strong">Experts Caution Against Expecting Immediate SEC Approval</h3> 
Markus Thielen, founder of 10x Research, noted that while there has been notable progress with applications from major asset managers like VanEck and 21Shares, there is no guarantee of imminent approval. The SEC’s cautious stance, partly due to uncertainties surrounding the classification of cryptocurrencies<a href="https://www.crypto-news-flash.com/arthur-hayes-speculates-on-the-recent-bitcoin-btc-and-solana-sol-dump-is-there-any-hope-for-an-altcoin-rebound/" target="_blank" rel="nofollow noopener"> as securities</a>, contributes to the delay. 
The approval of a Solana ETF in Brazil does not imply that benefits will be accrued to investors in the country. The<a href="https://twitter.com/CaramelCoffee8/status/1821577904016232816" target="_blank" rel="nofollow noopener"> pseudonymous user</a> Caramel questioned the effects of the ETF on X. Caramel also pointed out that SOL is still largely locked, pointing to a large unlock of 7. 5 million SOL planned for March 2025.&nbsp; 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Brazil approved a Solana ETF! Solana FDV shows 20% of SOL is still locked. VCs are going to rob this country blind out of their wealth. 
 March 2025, save the date. <a href="https://t.co/eH7y0Waq9i">pic.twitter.com/eH7y0Waq9i</a> 
 — CaramΞl (@CaramelCoffee8) <a href="https://twitter.com/CaramelCoffee8/status/1821577904016232816?ref_src=twsrc%5Etfw">August 8, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Robert Mitchnick, the head of digital at BlackRock, <a href="https://www.theblock.co/post/307644/there-wont-be-a-long-list-of-crypto-etfs-blackrocks-robert-mitchnick-says" target="_blank" rel="nofollow noopener">also weighed in</a>. He noted that Solana is lagging behind other major cryptocurrencies, such as Bitcoin and Ethereum. As Mitchnick pointed out, Bitcoin still leads the way with around 55% of the market cap, Ethereum comes second with 18%, and Solana is way behind. He pointed out that Solana is too young, illiquid, and does not have enough history to draw attention from institutions.&nbsp;

Solana ETF’s U.S. Approval Relies on Regulatory Soft Fork, Warns VanEck Exec as Elections Approach

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