Solana ETFs in the Spotlight

New York-based investment management firm VanEck is known for its deepening interest in the crypto space and earlier today filed to launch an ETF tracking the price of Solana. However, the current administration's approval of this ETF seems unlikely.This filing is the first attempt to launch a Solana (SOL) ETF in the US. This move was expected by many analysts following the US Securities and Exchange Commission (SEC)'s recent approval of Ethereum-based funds. However, the success of this effort remains questionable. Qureshi noted that Bitcoin and Ethereum-based ETFs have a better chance of meeting the SEC's market surveillance requirements due to the existence of developed futures markets where these assets are traded. He stated that “without a listed futures market, they cannot meet market surveillance standards.”Variant Fund's Chief Legal Officer Jake Chervinsky agreed with Qureshi and predicted that the SEC would use Solana's lack of a futures market as grounds for rejection.

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