Seven asset managers have just submitted or updated their application for a spot ETF on Solana. These firms, such as Fidelity, Grayscale, or VanEck, hope to capitalize on the momentum started by the Bitcoin ETF. But between ambition and validation, the road is long.
Each application involves many adjustments. "I think a back and forth between the SEC and the issuers is needed to fine-tune the details, so I doubt it," says James Seyffart. He highlights the slow pace of the entire process. This is not new. It took more than ten years for Bitcoin to obtain its own ETF.
The inclusion of staking in the applications complicates the task even further. This mechanism, often misunderstood by regulators, represents the future for Solana. And this is where everything is decided. If this model passes, it could revolutionize the traditional rules of crypto ETFs.
The evolution of the crypto market is not enough to break down administrative barriers. The texts are the same, and the deadlines are prolonged. Even with the pressure from financial giants, the SEC controls the pace.
Seyffart remains skeptical.
"It’s possible. But I think it’s only a matter of time before the United States has as much ETH as SOL."
This phrase summarizes the current atmosphere well: anything is possible, but nothing is decided.
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