James Seyffart, a Bloomberg ETF analyst, has advised 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 neighborhood following current discussions surrounding spot Ethereum ETFs.
CFTC-regulated futures market
The Bloomberg ETF professional defined that the timeline for a Solana ETF might lengthen over a number of years, influenced by the regulatory atmosphere in the US. He stated:
“Primarily based on present precedent/wants, [it] will occur inside a number of years of getting a CFTC-regulated futures market. However Congress [and] market construction payments like FIT21 might make it occur faster.”
He additionally highlighted that the Solana ETF would possibly face delays as a result of its classification as a safety by the Securities and Change Fee (SEC). In contrast to 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 growing neighborhood requires a Solana ETF.
On a current CNBC present, Brian Kelly, CEO of digital forex funding agency BKCM, advised 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 might make clear the market, doubtlessly paving the way in which for the launch of different crypto-based ETFs.
Nevertheless, 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 Change or US lawmakers set up clear crypto laws. 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 neighborhood anticipation appeared first on CryptoSlate.
