Bloomberg expert James Seyffart says that if the U.S. Securities and Exchange Commission (SEC) approves a spot Ethereum ETF, it could pave the way for a similar fund for Solana.
Within “a few years,” Seyffart said on social media that Solana, the fifth-largest cryptocurrency by market value, might have its own spot exchange-traded fund (ETF) if the SEC approves spot Ethereum ETFs.
In a May 23 post on platform X, Seyffart suggested that a spot ETF for Solana (SOL) might be released soon, but only if the Commodity Futures Trading Commission (CFTC) set up a regulated futures market first.
Based on current precedent/needs [the approval of spot Solana ETF] Will happen within a few years of getting a CFTC regulated futures market. James Seyffart
Ethereum ETF Could Influence Solana
FIT21, the Financial Innovation and Technology for the 21st Century Act, and other laws could speed up this process, he said. According to Seyffart, a spot Solana ETF would probably get a lot of interest, almost as much as Bitcoin (BTC) and Ethereum (ETH).
The FIT21 Act wants to set up a complete set of rules for cryptocurrencies, which will make dealing them easier. Chairman of the SEC, Gary Gensler, has openly spoken out against the bill, saying that FIT21 would create “new regulatory gaps and undermine decades of precedent regarding the oversight of investment contracts, putting investors and capital markets at immeasurable risk.”
FIT21 “in its current form lacks sufficient protections for consumers and investors who engage in certain digital asset transactions,” according to the Biden administration, which is also against it.
A Solana spot ETF is being talked about while the market waits for the SEC to make a decision on VanEck’s plan for a spot Ethereum ETF on May 23. If an Ethereum spot ETF is approved, it will likely set a big example for other ETFs that focus on other cryptocurrencies, like Solana.
