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Home»ALTCOIN NEWS»Solana ETF buzz strengthens after Ethereum breakout
ALTCOIN NEWS

Solana ETF buzz strengthens after Ethereum breakout

By Crypto FlexsMay 23, 20244 Mins Read
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Solana ETF buzz strengthens after Ethereum breakout
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  • Spot Ethereum ETF Applicant received support this week.
  • guess mount investment manager I’m looking at something else altcoin ETF products.
  • Solana It is considered next altcoin In ~ line for Apply for ETF.

Spot cryptocurrency ETF speculation has become very popular following the surprising success of US Bitcoin ETF products. Since its launch, the product has amassed a whopping 828,000 BTC, worth around $58 billion. The overwhelming demand for Bitcoin exposure in a regulated and accessible wrapper has set the stage for potential ETF expansion into other digital assets.

Investment managers initially faced a clear lack of interest from the Securities and Exchange Commission (SEC) when they submitted their applications for an Ethereum ETF. But this week, the SEC asked applicants to refile their 19b-4 filings, sparking optimism about the possibility of approval and also sparking speculation that other altcoins like Solana could soon be next.

Is there a Solana ETF in the pipeline?

Cryptocurrency investor Brian Kelly recently appeared on CNBC and expressed optimism about regulatory approval of an Ethereum ETF product. But Kelly also raised questions about what the next altcoin for ETF products will be, with his money in Solana becoming the next target for the investment manager to pursue.

While Kelly was optimistic about the prospects for the Solana ETF, he was less hopeful about other altcoin products coming to market soon. “Bitcoin, Ethereum, and Solana are probably the big three of this cycle,” he said, implying that other altcoins may have to wait a few more years to receive serious consideration for ETFs.

Despite Kelly’s enthusiasm for a potential Solana ETF, SOL holders were divided on its likelihood of approval. “The ICO approach is not very helpful,” said one Redditor. The SEC labeled SOL as a security (but not BTC or ETH).”

Another Reddit user referred to the current situation with Ethereum ETF applications, saying that if an Ethereum ETF is approved, the odds of a Solana ETF increase dramatically, as more Democratic politicians are “moving away from Warren’s policies, which could lead to regulatory and political headwinds.” “It seems like it has moved,” he added. /Biden Anti-Cryptocurrency Brigade.”

Learn more

FIT21 passes and revitalizes the cryptocurrency industry

Regulatory and political hostility toward the cryptocurrency industry may have taken a major turn on Wednesday. The House of Representatives passed the Financial Innovation and Technology for the 21st Century (FIT21) Act by a vote of 279 to 136.

Notably, the tally found that 71 Democratic lawmakers ranked in support of the bill, signaling a potential shift in the political landscape surrounding cryptocurrency regulation and oversight.

Attorney Jake Chervinsky called the passage of FIT21 a “vote of no confidence” in the SEC’s approach to cryptocurrency regulation, warning the Biden administration that maintaining its anti-crypto stance could be politically costly. It was interpreted as a warning about.

FIT21 is a comprehensive framework that aims to provide consumer protections, clear rules, and regulatory clarity to foster a thriving digital asset industry in the United States. Key provisions include establishing jurisdictional boundaries between the SEC and the Commodity Futures Trading Commission (CFTC) and measures to prevent fraud and market manipulation.

On the flip side

  • part bitcoin maxis Oppose approval ~ Of Altcoin ETFquote guess danger.
  • altcoin ETF products will be another milestone in the mainstream market. quantum digital asset.

Why This Matters

Regulatory approval of the Solana ETF product marks a watershed moment for the cryptocurrency industry. However, it is important not to get ahead of yourself as the ETH ETF has not been approved yet.

The growing popularity of Phantom Wallet means that interest in Solana is growing.
Why Solana’s Phantom Wallet is #1 on the App Store Charts

In celebration of Bitcoin Pizza Day, here’s what you can buy with 10,000 BTC in 2024:
I bought a pizza with 10,000 Bitcoin in 2010, what about today?

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