According to James Seyffart, an analyst from Bloomberg Intelligence, Solana (SOL) exchange-traded funds (ETFs) might not be available in the United States until as late as 2026, despite a pro-crypto administration.
After Donald Trump assumes office as President on January 20th, there might be some activity or progress seen in the pending Solana ETF applications, according to Seyffart’s remarks in an interview with Blockworks.
Seyffart noted that “the timeline might stretch to 2026 because the SEC typically takes approximately 240-260 days to examine submissions.
The complexity of the review process is increased due to continuous legal actions taken by the U.S. Securities and Exchange Commission against cryptocurrency trading platforms, which claim that Solana (SOL) functions as an unregistered security, according to him.
According to Seyffart, the Division of Enforcement at the SEC has classified Solana as a security. This classification means that other divisions within the SEC cannot evaluate it for inclusion in a commodity-based Exchange Traded Fund (ETF).
Changing regulatory environment
Trump intends to appoint individuals favorable towards the cryptocurrency sector as heads of crucial financial regulatory bodies such as the Securities and Exchange Commission (SEC), with the aim of transforming the United States into a global leader in digital currencies.
Under President Joe Biden’s administration, the Securities and Exchange Commission (SEC) has adopted a proactive regulatory approach towards cryptocurrency, launching numerous investigations and enforcement actions against companies operating within the sector.
2024 saw regulatory approval for the listing of Bitcoin (BTC) and Ether (ETH) Exchange-Traded Funds (ETFs), with the Bitcoin ETF becoming available in January, followed by the Ethereum ETF in July.
However, other ETF applications, including several proposed spot SOL ETFs, are languishing.
Seyffart stated that several requests for Solana ETFs have been submitted but not responded to by the SEC, which in effect means these applications were rejected directly.
2024 saw a surge of regulatory applications by asset managers aiming to launch ETFs containing various cryptocurrencies like Solana (SOL), Ripple (XRP), and Litecoin (LTC), along with others.
Approval for multiple proposed cryptocurrency index ETFs, which will store a variety of digital coins, is being eagerly anticipated by those who plan to issue them.
As a researcher, I would rephrase that statement as follows: Essentially, these filings functioned like bets on a Trump victory in the U.S. presidential election, according to Eric Balchunas, an ETF analyst at Bloomberg Intelligence, which I noted in October.
There is not universal agreement with Seyffart’s perspective. In fact, just last month, Matthew Sigel, who leads digital asset research at VanEck, stated that it is highly probable, almost certain, that a Solana ETF will be listed in the United States before the year 2025 concludes.
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2025-01-16 22:16