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Ethereum ETF approval will set stage for Solana ETF, commodity classification

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In response to a current Bernstein report, the approval of a spot Ethereum (ETH) exchange-traded fund (ETF) within the US could set up a precedent for classifying Solana (SOL) as a commodity.

The classification of cryptocurrencies as both securities or commodities holds vital implications. Commodity classification facilitates ETF purposes and approvals, whereas safety classification topics belongings to stricter SEC oversight.

‘Huge three’

The approval of spot Ethereum ETFs would imply the SEC views the second-largest crypto as a commodity, setting a important precedent. This could mark the primary time a non-Bitcoin digital asset receives such a classification, elevating expectations for Solana to observe go well with.

Ether’s worth elevated earlier this week after Bloomberg analysts raised the chance of SEC approval for spot Ether ETFs to 75% from 25%, following reviews that the regulator requested updates to filings. The SEC’s closing selections on these purposes are anticipated later at this time, on Might 23, following a number of delays.

Bernstein’s report famous that Bitcoin’s 75% rally following the approval of spot ETFs suggests related worth motion for Ethereum after approval of spot ETFs.

Nonetheless, if the SEC rejects the purposes, Ethereum might expertise vital volatility and a steep worth correction within the coming days, in accordance with CryptoQuant analysis.

Crypto investor Brian Kelly expressed related optimistic views about Solana and the potential regulatory approval of Ethereum ETF merchandise throughout a current CNBC interview. He speculated that SOL may very well be the subsequent altcoin to obtain ETF approval, highlighting it as a possible candidate for funding managers to push ahead.

Kelly emphasised that Bitcoin, Ethereum, and Solana are the “large three” digital belongings which may see ETF merchandise permitted on this cycle. He famous the success of Bitcoin ETFs, which have collectively amassed a big quantity of Bitcoin, valued at round $58 billion, indicating robust demand for regulated crypto funding merchandise.

Nonetheless, Kelly additionally acknowledged some skepticism throughout the Solana group. He talked about that Solana’s preliminary coin providing (ICO) and its classification as a safety by the SEC might pose challenges for ETF approval.

Regardless of this, Kelly remained optimistic that the shifting regulatory and political panorama may enhance the possibilities of Solana ETF approval if Ethereum ETFs obtain the inexperienced gentle.

Shifting political panorama

The Bernstein report, launched forward of the SEC’s closing selections on ETH ETF purposes, additionally highlighted a possible shift within the Biden administration’s stance on cryptocurrencies based mostly on current developments.

Moreover, the report famous that if Trump is reelected, his adminitration is prone to additional help the crypto business by way of legislative and regulatory measures. In response to the report:

“Ought to Trump get elected, crypto might see vital legislative and company help, resulting in long-lasting structural modifications in crypto monetary integration.”

The potential approval of Solana ETFs comes amid a altering regulatory setting and rising bipartisan help for crypto. The current passage of the Monetary Innovation and Know-how for the twenty first Century (FIT21) Act by the Home, with vital Democratic backing, signifies a possible political shift.

Lawyer Jake Chervinsky described the invoice’s passage as a “vote of no confidence” within the SEC’s present method to crypto regulation, suggesting political penalties for sustaining an anti-crypto stance.

Regulatory approval of Solana ETFs would mark a big milestone for the crypto business, signaling mainstream acceptance and integration. Nonetheless, with Ether ETFs nonetheless awaiting approval, the business stays cautiously optimistic in regards to the future.

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