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Solana ETFs are stacking up ☝️
After initial Ethereum ETF approvals, it's clear that Solana is the next big target for U.S. firms.
Andrew Hayward
June 29, 2024
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A month out from initial spot Ethereum ETF approvals in the United States, the next big crypto target has already solidified: Solana.
VanEck filed for the first such spot Solana ETF in the U.S. on Thursday, and then 21Shares quickly followed suit on Friday. This follows last week’s filing in Canada for a similar Solana ETF from 3iQ. In its historic U.S. filing Thursday, VanEck attempted to assert that SOL is a commodity rather than a security.
We’ll see whether the SEC agrees on that front. Ethereum ETFs might have paved the way here, though crypto market-market GSR believes it’ll be a much easier road to approval if Trump wins the election in November.
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💬 Quote of the Day
“Courts have found that the SEC violated the APA in many contexts, including its denial of a Bitcoin ETF, and we look forward to Courts further scrutinizing SEC overreach in crypto.”
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