James Seyffart, a Bloomberg ETF analyst, has recommended a possible timeline for the launch of a Solana-based spot exchange-traded fund (ETF).
Seyffart indicated {that a} Solana ETF may be delayed regardless of rising anticipation inside the crypto group following current discussions surrounding spot Ethereum ETFs.
CFTC-regulated futures market
The Bloomberg ETF skilled defined that the timeline for a Solana ETF may lengthen over a number of years, influenced by the regulatory atmosphere in the US. He mentioned:
“Primarily based on present precedent/wants, [it] will occur inside a couple of 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 may face delays as a result of 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 in opposition to Coinbase and Kraken. Seyffart added:
“However SEC isn’t dancing round SOL’s standing like they’ve ETH. These lawsuits in opposition to COIN and Kraken and others flat out say ‘Solana is a safety.’”
Regardless of these challenges, Seyffart believes a Solana-based ETF would probably appeal to extra demand than different altcoins ETFs.
Consultants debate Solana ETF
Seyffart’s feedback come amid growing group requires a Solana ETF.
On a current CNBC present, Brian Kelly, CEO of digital foreign money funding agency BKCM, recommended that Solana could possibly be the subsequent 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, probably paving the way in which for the launch of different crypto-based ETFs.
Nonetheless, Nate Geraci, president of The ETF Retailer, believes a spot Solana ETF received’t materialize till a Solana futures product is traded on the Chicago Mercantile Alternate or US lawmakers set up clear crypto laws. He added:
“Crypto ETF spigot turned off for some time after spot Ethereum ETF approval.”
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