Solana ETFs Definitely Not in the Works Says CF Benchmark CEO
The CEO of CF Benchmarks, Sui Chung, has expressed doubts about the possibility of Solana ETFs being approved due to unmet regulatory requirements. Despite widespread anticipation for Solana-based ETFs, Chung pointed out that the absence of a regulated Solana futures market does not align with the Securities and Exchange Commission’s (SEC) criteria for approving crypto ETFs. This has led to uncertainty surrounding the approval of these products, impacting the price of SOL.
SOL, the fifth largest digital crypto asset, has seen a 1.6% decline in price over the last 24 hours, currently trading at $127.12. While SOL has historically outperformed the broader market, recent macroeconomic conditions have led to challenges. Despite this, there remains optimism among Solana enthusiasts for the approval of these products, which could potentially attract more traditional investors to the market.
Chung emphasized the success of Bitcoin and Ether futures listed on the CME in 2017 and 2021, respectively, as a precedent for potential future approval of Solana-based ETFs. He highlighted the absence of market disorder in these futures contracts as a key factor supporting the case for spot ETFs. With spot Bitcoin ETFs continuing to attract inflows, there is hope among SOL holders for similar positive outcomes should Solana ETFs be approved.
In light of recent developments, Solana bulls are looking towards a recovery following a price setback attributed to Tron’s “Vampire Attack.” Despite uncertainties, there is ongoing anticipation for potential bullish events that could further bolster SOL’s performance, especially if a spot ETF is approved.
Read Also: Solana Update: Will Solana’s Price Surge Past $200 After TRON’s Vampire Attack
Follow us on Twitter, Facebook, Telegram, and Google News
Cryptolifedigital is a cryptocurrency blogger and analyst known for providing insightful analysis and commentary on the ever-changing digital currency landscape. With a keen eye for market trends and a deep understanding of blockchain technology, Cryptolifedigital helps readers navigate the complexities of the crypto world, making informed investment decisions. Whether you’re a seasoned investor or just starting out, Cryptolifedigital’s analysis offers valuable insights into the world of cryptocurrency.
