New York-based investment management firm VanEck, known for its growing interest in the crypto sector, has filed to launch an ETF that tracks the price of Solana. However, it seems unlikely that the current administration will approve this ETF.

This filing represents the first attempt to launch a Solana (SOL) ETF in the US. Many analysts anticipated this move following the US Securities and Exchange Commission (SEC)'s recent approval of Ethereum-based funds, but the success of this endeavor is uncertain.

James Seyffart, an ETF expert at Bloomberg Intelligence, echoed this sentiment, suggesting that the fund might only launch in 2025 if there is a new administration in the White House and at the SEC. Even then, success is not guaranteed, according to Seyffart.

The controversy over Solana's decentralization compared to Ethereum further complicates matters. Some argue that Ethereum is more decentralized, while others, such as Solana developer and Helius founder Mert Mumtaz, claim that Solana ranks in the top 1% of decentralized networks.

Qureshi pointed out that Bitcoin and Ethereum-based ETFs are more likely to meet the SEC's market surveillance requirements due to their established futures markets. He noted that "without a listed futures market, they cannot meet market surveillance standards."

Variant Fund's Chief Legal Officer Jake Chervinsky agreed with Qureshi, predicting that the SEC would reject Solana's ETF application due to the lack of a futures market. Austin Campbell, an associate professor at Columbia Business School, also expressed skepticism about the approval of VanEck's application, suggesting the firm might be positioning itself early in anticipation of future regulatory changes. This strategy raises the question of whether other firms will follow VanEck's lead, similar to the surge of applications following BlackRock's surprise spot Bitcoin ETF filing in late 2023. #SolanaUSTD #solonapumping #Solana_Blockchain #AltcoinInvesting #Cryptocurrencies $SOL