Solana

<p>The exchanges and speculations around crypto ETFs continue to attract the attention of investors. The recent approval by the SEC of eight Ethereum ETFs has reignited the debate on the possibility of an ETF for other cryptocurrencies such as Ripple’s XRP and Solana’s SOL. While this is a positive development, challenges remain for some cryptos.</p>
<h2 id="h-the-challenging-path-to-an-xrp-etf">The challenging path to an XRP ETF</h2>
<p>Matthew Sigel, head of digital asset research at VanEck, recently discussed <a href="https://www.cointribune.com/en/xrp-etf-approval-imminent-says-ripple-ceo/" target="_blank" rel="noopener noreferrer nofollow">the prospects of an XRP ETF</a> during an appearance on the Thinking Crypto podcast. According to Sigel, the creation of an ETF requires the approval of several stakeholders: the regulator must approve the underlying asset, the issuer must have confidence in the value of the asset, and there must be support from counterparties such as exchanges, market makers, and custodians. Currently, XRP does not meet these criteria due to a lack of client demand and internal conviction.</p>
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<p><a href="https://coinpedia.org/news/xrp-lacks-key-elements-like-customer-demand-for-etf-approval-solana-meets-all-criteria/" target="_blank" rel="noopener noreferrer nofollow">Matthew Sigel emphasized the importance of these elements</a> by stating that without strong support from key market players and clear demand from investors, the establishment of an XRP ETF remains unlikely in the short term. These obstacles thus hinder the possibility of regulatory approval for XRP.</p>
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     <p lang="en" dir="ltr">Solana vs <a href="https://twitter.com/hashtag/XRP?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#XRP</a> ETF<br>VanEck's Matthew Sigel with <a href="https://twitter.com/ThinkingCrypto1?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@ThinkingCrypto1</a> <br>(<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f64f.png" alt="🙏" class="wp-smiley" style="height: 1em; max-height: 1em;">Tony)<br>The community wields significant power to shape customer demand. By organizing a collective voice governed by a foundation that directs bold actionable initiatives through a 1:1 vote by holders, this new… <a href="https://t.co/2GlpaHWofu" rel="noopener noreferrer nofollow">pic.twitter.com/2GlpaHWofu</a></p>— <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f338.png" alt="🌸" class="wp-smiley" style="height: 1em; max-height: 1em;">Crypto Eri <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1fa9d.png" alt="🪝" class="wp-smiley" style="height: 1em; max-height: 1em;">Carpe Diem (@sentosumosaba) <a href="https://twitter.com/sentosumosaba/status/1811006219261464700?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 10, 2024</a>
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<h2 id="h-solana-checks-all-the-boxes">Solana checks all the boxes</h2>
<p>In contrast, Solana seems well-positioned to benefit from an ETF. Matthew Sigel explained that during the review of their Ethereum file, they also re-evaluated Solana. They examined the decentralization and characteristics of the blockchain, finding that Solana, like Ethereum, does not allow any individual or entity to control more than 20% of the tokens in circulation, nor to unilaterally halt the chain. These elements of decentralization and security make Solana a potential candidate for an ETF.</p>
<p>Matthew Sigel also noted that Solana is considered a commodity, providing access to the second largest open-source app store. This characteristic reinforces the optimism for future regulatory approval for a Solana ETF. The analyst is convinced that regulators will eventually recognize these strengths and approve derivative products based on Solana.</p>
<p><a href="https://www.cointribune.com/en/crypto-ethereum-etfs-approved-by-the-sec/" target="_blank" rel="noopener noreferrer nofollow">The recent approval of Ethereum ETFs</a> by the SEC has opened up new opportunities for cryptocurrencies. While XRP still needs to overcome several hurdles before seeing an ETF approved, Solana already seems to meet all the necessary conditions. Investors now eagerly await the next decisions from regulators, hoping that Solana will become one of the next cryptos to benefit from an ETF.</p>

Crypto: XRP is Not Ready for an ETF, but Solana is!

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