Discussions About a Potential Solana ETF Have Opened Up
Founded in 2018 as the ‘Ethereum Killer,’ the arguably fastest Layer-1 chain rose to its prime in 2021, scoring an all-time high of $259.96 on November 6, 2021.
Discussions are underway regarding a potential Solana ETF. The Layer-1 chain, which was launched in 2018 with the goal of becoming the ‘Ethereum Killer,’ reached its peak in 2021, setting an all-time high of $259.96 on November 6.
However, several regulatory hurdles could prevent SOL ETFs from being issued quickly. For instance, SEC Chair Gary Gensler has stated that any altcoin being considered for an ETF product in the U.S. must have a regulated Futures market.
According to Bloomberg’s Senior ETF analyst Eric Balchunas, Ether ETFs are likely to begin trading on July 23, 2024. Meanwhile, the chances of a Solana ETF being launched this year are slim.
In an interview with Bloomberg, VanEck’s Head of Digital Assets Research, Matthew Sigel, highlighted that the odds of a Solana ETF are largely dependent on the evolving regulatory landscape.
Sigel went on to suggest that the requirement for Futures markets for the Solana ETF is merely a delaying tactic. “He has created that condition since taking power. There are a number of ETFs that trade where the futures market is irrelevant to the price formation,” said Sigel, taking a jab at Gensler.
The Importance of Crypto ETFs
Exchange-traded fund products enhance the accessibility of crypto for mainstream investors, enabling them to acquire digital assets within a safe and highly regulated environment.
Check out the latest crypto news on DailyCoin:
Grayscale’s Latest Move May Hinder Retail Investors From Participating in Spot ETF
Coinbase to Launch Institutional Crypto Custody Service in Hong Kong Through Joint Venture
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