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Bloomberg analyst predicts Solana ETF delay despite community anticipation

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James Seyffart, a Bloomberg ETF analyst, has urged a possible timeline for the launch of a Solana-based spot exchange-traded fund (ETF).

Seyffart indicated {that a} Solana ETF is perhaps delayed regardless of rising anticipation inside the crypto neighborhood 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 america. He stated:

“Based mostly 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 may make it occur faster.”

He additionally highlighted that the Solana ETF may face delays on account of its classification as a safety by the Securities and Trade 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 possible entice 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, urged that Solana might 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 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 Trade or US lawmakers set up clear crypto laws. He added:

“Crypto ETF spigot turned off for some time after spot Ethereum ETF approval.”

The submit Bloomberg analyst predicts Solana ETF delay regardless of neighborhood anticipation appeared first on coinagebuzz.

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