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Cryptocurrency News Articles
Polymarket Downgrades the Probability of a Solana ETF Being Approved to 3%
Sep 20, 2024 at 04:39 am
The biggest challenge of a Solana ETF, as seen, is the regulatory issues. However, there are divergent views on how best to approach them.
The probability of a Solana exchange-traded fund (ETF) being approved has dropped to its lowest level yet, according to decentralized prediction platform Polymarket, which now gives it just a 3% chance of being approved.
This marks a steep decline from previous estimates, with the odds of such an ETF staying within the 15% range until now.
The Polymarket downgrade comes amid a broader fight to get other cryptocurrency ETFs approved. The SEC went on to approve Bitcoin and Ethereum ETFs in 2024, but Solana's outlook does not appear good in the short term. Some enthusiasts still have long-term hopes for a Solana ETF.
Steep Regulatory Hurdles
As seen, the biggest challenge to a Solana ETF is regulatory, with varying perspectives on how best to approach it. According to Nate Geraci, President of The ETF Store,
“I don’t think there will be any more spot crypto ETFs approved in this administration, and I’ve talked to people that are familiar with the process.”
He said that it would take a shift in the regulatory landscape or political leadership to put a Solana or XRP ETF back on the table. On the other hand, Matt Hougan, the Chief Investment Officer at Bitwise, still has optimism for the future of crypto ETFs. He added that Bitcoin ETFs were also rejected for years before being approved. Hougan said that once the regulatory questions are answered, more crypto ETFs, including Solana, could be launched quickly.
There is also positivity from Brazil approving a Solana ETF, which is expected to set a precedent for other markets. This could open the door for approval in the United States. However, it would still require a shift in the regulatory approach to make it happen.
Bitwise Champions Solana ETF Despite Odds
Despite the odds, industry experts do not completely rule out the possibility of a Solana ETF in the long run. Hougan said that the approval of Bitcoin and Ethereum ETFs paves the way for approval in the future. He also pointed out that regulatory relief is the way to new ETF ideas.
The firm has been at the forefront of offering data support to some of its ETF applications. According to Hougan, Bitwise still supports the Solana ecosystem and is keen on getting approval for the Solana ETF.
Although Geraci and Hougan differ in their time frame, they both agree that there needs to be regulatory certainty. The upcoming U.S. presidential election may create a more favorable regulatory environment. However, until a shift in this approach is observable, the chances of a Solana ETF are slim, which aligns with Polymarket's 3% forecast.
The lack of clear direction from the SEC on this front remains a significant concern for market players, especially as other countries, such as Brazil, continue to launch new Crypto ETFs. If Solana is to succeed, then the U.S. regulatory environment must change dramatically.
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