Solana may become the third Crypto Assets to be approved for an ETF, bringing new opportunities with the FIT21 bill.

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After Bitcoin and Ethereum, which crypto asset could be the next to have an approved ETF?

A recent survey shows that 63.6% of respondents believe that Solana(SOL) may be the next Crypto Assets to receive ETF approval after Bitcoin and Ethereum. This result aligns with the general market expectations.

Many industry insiders are also optimistic about the SOL ETF. The head of foreign exchange and digital asset research at a certain bank expects that 2025 may see the approval of multiple Crypto Assets ETFs, including SOL. The founder of a capital company stated that they are preparing for the SOL ETF. Another investment company's CEO also mentioned on a television program that Solana could be the next Crypto Asset to receive ETF approval.

Will the third Crypto Asset through ETF be SOL?

Reasons Why SOL is Favored

The reason SOL has garnered much attention is primarily due to its strong "consensus support". The most intuitive reflection of this consensus is its market capitalization. From the perspective of market cap ranking, among the top ten or even top five Crypto Assets, SOL is indeed one of the most likely options to receive ETF approval.

The main obstacles faced by SOL

However, the biggest problem facing SOL is that it was classified as a security by the United States Securities and Exchange Commission (SEC) in June 2023. This classification may affect the approval process for the SOL ETF.

Being classified as a security means that it needs to comply with stricter regulatory requirements, including registration, disclosure obligations, and potential trading restrictions. This makes the short-term approval of the SOL ETF difficult. In addition to SOL, there are 17 other crypto assets that are also regarded as securities by the SEC, and these tokens face similar challenges.

New opportunities brought by the FIT21 Act

Nevertheless, the FIT21 act passed in May 2024 brings new hope to the Crypto Assets industry. The act clearly distinguishes between decentralized tokens and non-decentralized tokens, and assigns different regulatory bodies to each.

The FIT21 bill defines decentralization as: no single entity can control the entire blockchain network, and no one owns more than 20% of the digital assets or voting rights. This definition paves the way for the approval of more crypto assets ETFs in the future.

Conclusion

Although SOL is currently classified as a security, this definition is not permanent. With the advancement and implementation of the FIT21 bill, SOL still has the potential to become the third crypto asset approved for an ETF after Bitcoin and Ethereum. However, this process may take one to several years, depending on the bill's review in the Senate and the President's final signature.

Will the third Crypto Asset to go through ETF be SOL?

This article only represents personal views and does not constitute investment advice. Investors should conduct their own research and judgment.

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BoredWatchervip
· 1h ago
In a few years? The bull just runs!
View OriginalReply0
notSatoshi1971vip
· 07-09 21:19
Stop dreaming!
View OriginalReply0
DuckFluffvip
· 07-09 21:19
The SEC is really hard to deal with.
View OriginalReply0
SatoshiNotNakamotovip
· 07-09 21:14
SOL is the treasure.
View OriginalReply0
FlyingLeekvip
· 07-09 21:11
With this approval speed, how can my hairline withstand it?
View OriginalReply0
LiquidityWitchvip
· 07-09 20:52
the oracles have whispered... sol's dark pools are brewing something arcane
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