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The President of The ETF Store: Approval for a spot Solana ETF may require the SEC's consent to designate Solana as a non-security product

The President of The ETF Store: Approval for a spot Solana ETF may require the SEC's consent to designate Solana as a non-security product

Bitget2024/06/29 01:18

Nate Geraci, President of the investment consulting firm The ETF Store, stated that given the non-existence of Solana futures traded on CME currently, it seems that the only viable way to get a spot Solana ETF approved is to implement a legitimate crypto regulatory framework clearly defining which cryptocurrencies are securities and which are commodities, or if SEC agrees to designate Solana as a non-security commodity. Regardless, this agency still needs to reach monitoring sharing agreements with unregulated spot cryptocurrency exchanges. Under the leadership of the current government, all these seem unlikely to happen, making VanEck and 21Shares' applications likely betting on a more supportive government for cryptocurrencies.

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