This Crypto Industry Maven Predicts Spot Solana ETFs Are Coming To The US By 2024-End

The world’s first spot Solana (SOL) ETF is currently awaiting approval by the Brazilian stock exchange after the greenlight by Brazil’s Securities and Exchange Commission (CVM) last week.

According to Manthan Dave, the co-founder of Palisade, a Ripple-backed digital asset custody platform, the development could inspire the United States to approve Solana-based ETFs by the end of this year.

US-Listed SOL ETFs Inevitable After Brazil Approval?

The Brazilian Securities and Exchange Commission’s recent approval of a SOL ETF is the first product of its kind in the largest South American country and among the first Solana-based exchange-traded products (ETPs) worldwide. The first was launched by Switzerland-headquartered investment product issuer 21Shares on the SIX Swiss Exchange in June 2021.

Macro alpha and Crypto Traders Club Space host, Marty Party, recently shared the Palisade co-founder Manthan Dave’s comments on Twitter (aka X). Dave noted that Brazil has been one of the crypto-friendly jurisdictions since they released Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs) years before the United States did.

“It has also kept up with Europe’s friendly stance with respect to its ETPs. We first saw the Solana ETP in Switzerland some time ago. It has also been trading in the German markets. People in the US have been asking for a Solana ETF, and now they might get it,” he added.

Dave emphasizes Brazil’s approval and the rising adoption of cryptocurrencies as key aspects that may convince regulators in the United States to follow a similar trajectory in the country. “The development could inspire the world’s largest economy, the US, to explore Solana-based ETFs in the future,” opined Dave.

While Brazil has emerged as a trailblazer in the world of crypto ETFs, the United States is grappling with a more careful strategy as its Securities and Exchange Commission continues to navigate the complicated waters of crypto regulation.

Will US SOL ETFs Launch Before Elections?

While optimism for a U.S. Solana ETF approval exists, the exact timeline remains uncertain. Dave suggested we could see US-listed spot SOL products by the end of this year. However, the most critical question is whether these ETFs will be approved before or after the forthcoming November U.S. presidential elections.

“Considering the current election season and the prevailing sentiment, it is likely that we will see the approval of Solana ETFs before the end of this year. The key question is whether this will happen before or after the elections. With the Republicans currently seen as pro-crypto, approval before the election could significantly influence market sentiment.”

As with Bitcoin and Ethereum ETFs, Solana ETFs would bring massive benefits to mainstream crypto adoption, allowing investors to gain exposure to SOL without the hassles of acquiring and storing the asset.

Following the historic approval of several U.S. spot Ethereum ETFs, asset managers, including VanEck and 21Shares have submitted applications with the SEC in the hope of winning approval. However, Wall Street behemoth BlackRock has sat out the SOL ETF race, taking a skeptical position on other crypto ETFs beyond BTC and ETH.