Grayscale Hints at Future Solana ETF, But Current Regulations Stand in the Way
Grayscale Investments’ research head Zach Pandl hinted that the asset manager might launch a Solana ETF in future. However, he noted that it is currently not feasible due to existing regulations.
In a CNBC interview published Thursday, Pandl stated that Grayscale will adapt its products as the US regulatory framework changes.
He also mentioned that crypto has become a significant topic in the 2024 US presidential elections. He expects that the next Congress will see bipartisan efforts to establish regulations for the crypto industry.
“And Grayscale will, of course, work cooperatively with regulators to shape our products,” Pandl added.
The recent success of spot Bitcoin and Ethereum ETFs highlights the progress of digital asset exchange-traded funds in the US. Industry experts now predict that an altcoin ETF may be approved next. However, this approval could still be years away.
Earlier this month, Matthew Sigel, VanEck’s digital asset research head, mentioned that the approval of the firm’s spot Solana ETF depends on having a new SEC chairman after the Nov. US elections.
Sigel pointed out that the absence of a regulated futures market for Solana might be a hurdle for the ETF’s approval. However, he believes VanEck can still get the ETF approved without such a market in place.
Bloomberg Research ETF Analyst James Seyffart told Cryptonews that it will be a long time before another digital asset gets an ETF in the US. He believes Solana (SOL) makes the most sense as the next possible ETF. However, he noted that the SEC is actively labeling SOL as a security.
Seyffart explained that while the SEC has been changing its stance, it could be years before an altcoin ETF is approved. Even if an issuer filed for an ETF tomorrow, a
Read more on cryptonews.com
