James Seyffart, a Bloomberg ETF analyst, has prompt a possible timeline for the launch of a Solana-based spot exchange-traded fund (ETF).
Seyffart indicated {that a} Solana ETF could be delayed regardless of rising anticipation throughout 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 prolong over a number of years, influenced by the regulatory setting in the USA. He stated:
“Based mostly on present precedent/wants, [it] will occur inside just a few 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 would possibly face delays on account 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 towards Coinbase and Kraken. Seyffart added:
“However SEC isn’t dancing round SOL’s standing like they’ve ETH. These lawsuits towards COIN and Kraken and others flat out say ‘Solana is a safety.’”
Regardless of these challenges, Seyffart believes a Solana-based ETF would doubtless appeal to extra demand than different altcoins ETFs.
Consultants debate Solana ETF
Seyffart’s feedback come amid rising group requires a Solana ETF.
On a current CNBC present, Brian Kelly, CEO of digital forex funding agency BKCM, prompt that Solana may very well be the following 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 best way for the launch of different crypto-based ETFs.
Nonetheless, Nate Geraci, president of The ETF Retailer, believes a spot Solana ETF gained’t materialize till a Solana futures product is traded on the Chicago Mercantile Alternate or US lawmakers set up clear crypto rules. He added:
“Crypto ETF spigot turned off for some time after spot Ethereum ETF approval.”
The publish Bloomberg analyst predicts Solana ETF delay regardless of group anticipation appeared first on CryptoSlate.
