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Expert comments on the possibility of approval of the Solana ETF in cash

Fast Take
  • An expert commented on the approval of a Solana ETF.
  • James Seyffart expressed his views on the matter.
  • There is speculation in the market about the possibility of a Solana ETF.
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A renowned ETF expert recently commented on the possibility of approval for an exchange-traded fund (ETF) of Solana (SUN) in sight. Bloomberg Intelligence research analyst James Seyffart expressed his views on the matter during an recent interview with Michelle Makori of Kitco News.

When asked about speculation in the market about the possibility of a Solana-based ETF, Seyffart highlighted some recent comments from Ripple CEO Brad Garlinghouse in which he suggested that cryptocurrencies SOL and XRP could be next to seek ETF approval.

“A SEC There is no problem calling Solana a security at this point”, highlighted Seyffart, highlighting the current scenario with the legal proceedings involving cryptocurrency exchanges, Kraken and Coinbase, where the Solana token was mentioned. In his comments, the experts highlighted that classifying cryptos as bonds or commodities is a major obstacle on the path to ETF approval.

However, even with the current dynamic landscape in politics and regulation, the analyst shared his prediction that a Solana ETF is unlikely to be approved before 2026.

XRP, Cardano, Solana ETFs are 'inevitable', believes Brad Garlinghouse

In the dynamic universe of cryptocurrencies, some speculation has been shaking the sector following the approvals of Bitcoin and Ethereum exchange-traded funds (ETFs): the launches of ETFs for other cryptocurrencies. Emphasizing this issue, Ripple CEO Brad Garlinghouse, highlighted its optimism about the approval of a spot XRP ETF in the US.

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Furthermore, the executive also believes in the approval of ETFs for important altcoins, such as Solana (SOL) and Cardano (ADA). Garlinghouse's statement took place during the Consensus 2024 conference amidst a scenario of changing regulatory perspectives on the sector.

Even with all the obstacles imposed on the sector, the recent approval of Ethereum ETFs marked a major change and evolution in the industry in the US. “I think it's just a matter of time and it's inevitable that there will be an XRP ETF, that there will be a Solana ETF, that there will be a Cardano ETF, and that's great,” Garlinghouse highlighted.

Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.

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