Bloomberg analyst predicts Solana ETF delay regardless of neighborhood anticipation

James Seyffart, a Bloomberg ETF analyst, has recommended 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 skilled defined that the timeline for a Solana ETF may lengthen over a number of years, influenced by the regulatory surroundings in the USA. He mentioned:

“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 would possibly face delays as a result of its classification as a safety by the Securities and Change Fee (SEC). Not like Ethereum, the SEC has explicitly labeled Solana as a safety in its lawsuits in opposition to Coinbase and Kraken. Seyffart added:

“However SEC isn’t dancing round SOL’s standing like they’ve ETH. These lawsuits in opposition to COIN and Kraken and others flat out say ‘Solana is a safety.’”

Regardless of these challenges, Seyffart believes a Solana-based ETF would seemingly 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 foreign money funding agency BKCM, recommended 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 may make clear the market, probably paving the way in which 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 Change or US lawmakers set up clear crypto rules. He added:

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

The put up Bloomberg analyst predicts Solana ETF delay regardless of neighborhood anticipation appeared first on starcrypto.