Anika Begay
After the historical Solana Spot Exchange-Traded Funds (ETF) approved in Brazil Last week, Manthan Dave, co-founder of Palisade, a Ripple-backed digital asset custody platform, confidently expressed his optimism that SOL-based funds would be approved in the United States by the end of the year.
Do you spot Solana ETFs on the horizon in the US?
Marty Party, an alpha macro and host of Crypto Traders Club Space shared Palisade co-founder Manthan Dave’s prediction about the X platform (formerly Twitter). The co-founder’s prediction coincides with growing interest in Solana as a flagship blockchain platform and the need for more diverse cryptocurrency investment solutions.
Dave highlights the recent acceptance of the spot SOL ETFs in Brazil and the growing adoption of cryptocurrencies as major factors that could convince U.S. regulators to welcome the products in the country. “The development could inspire the world’s largest economy, the United States, to explore Solana-based ETFs in the future,” he said.
That’s because Brazil has long been a pro-crypto country, having been the first to issue spot Ethereum and Bitcoin ETFs years before the U.S. Brazil has also maintained its friendly stance toward ETPs in Europe.
Furthermore, the co-founder claims that the Solana Spot ETFs could be accepted by the end of the year, given the upcoming GOP presidential election season in the United States and general market sentiment. “It has also been traded in German markets. People in the United States have been asking for a Solana ETF and now they may get it,” he added.
While Dave is confident of an approval, he noted that the key issue to consider is whether it happens before or after the November elections. However, if the funds are approved before or after the elections, it could have a huge impact on the market, as Republicans are now seen as pro-crypto.
If the US regulator were to adopt the products, it would represent a major step forward for Solana and its ecosystem, strengthening its position in financial markets and offering investors a new way to evaluate the growth of digital assets.
Brazilian regulator accepts spot SOL ETFs
Since Brazil’s Securities and Exchange Commission (CVM) greenlit the funds, optimism around Solana has increased within the cryptocurrency industry. This development could put the country ahead of other crypto-friendly nations like the United States, as the products are expected to launch within 90 days.
Optimism about the product has also increased in the US. So far, the popular investment management company VanEck Files Application for First Spot SOL ETFs in the country with the US SEC.
The move comes months after the regulator gave the green light to Bitcoin ETFs and spot Ethereum ETFs. However, the US SEC did not respond to the company’s request.
Featured image from YouTube, chart from Tradingview.com
