An expert in ETFs recently discussed the potential approval of an exchange-traded fund (ETF) for Solana (SUN). James Seyffart, a research analyst at Bloomberg Intelligence, shared his insights on the topic in a recent interview with Michelle Makori of Kitco News.
During the discussion about the speculation surrounding a Solana-based ETF, Seyffart referenced comments made by Ripple CEO Brad Garlinghouse suggesting that cryptocurrencies SOL and XRP could be next in line for ETF approval. Seyffart emphasized that the Securities and Exchange Commission (SEC) currently does not see any issues with classifying Solana as a security, especially in light of recent legal proceedings involving cryptocurrency exchanges like Kraken and Coinbase, where Solana was mentioned. He noted that categorizing cryptocurrencies as bonds or commodities presents a significant hurdle to ETF approval.
Despite the evolving regulatory landscape, Seyffart predicted that a Solana ETF is unlikely to be approved before 2026. Garlinghouse also expressed his belief in the inevitability of XRP, Solana, and Cardano ETFs during the Consensus 2024 conference, highlighting the changing regulatory perspectives in the cryptocurrency sector.
With the recent approval of Ethereum ETFs signaling a shift in the industry, Garlinghouse remains optimistic about the future of ETFs for major altcoins. He stated that it is only a matter of time before XRP, Solana, and Cardano ETFs are approved, emphasizing the positive impact this would have on the industry.
Disclaimer: The opinions expressed in this article are for informational purposes only and should not be considered financial or investment advice. Investing in cryptocurrencies carries inherent risks of financial loss.
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