With exchange-traded funds becoming a major focal point of the cryptocurrency sector in 2024, all eyes are on what assets could follow Bitcoin and Ethereum to be the next up. Rumors are flying that Solana SOL could be the next cryptocurrency to receive ETF approval. However, according to Sol Strategies CEO Leah Wald, there may be delays in the ETF getting approval in the near future.
Indeed, according to Wald, she anticipates delays in US approval of a Solana ETF, citing regulatory challenges. “I think there’s quite a while until a SOL ETF gets approved,” she told Blockworks in an interview. Wald also explained how the Solana ETF could see its first approval in Canada before the US. “Canada has consistently led the way in ETF innovation, and I expect they’ll do so again with a Solana ETF.”
Furthermore, Ward also addressed the potential impact of Paul Atkins replacing Gary Gensler as SEC Chair. She acknowledges that while the leadership change could lead to a more crypto-friendly regulatory environment, she cautioned against rushing approvals. Therefore, it is hard to update any timetable for Solana SOL ETF approval.
Solana SOL: Potential ETF Approval Could Decide 2025 Success
2024 proved to be one of the most important years in the history of cryptocurrencies. The asset class took much of the spotlight and became a clear focal point for investment. That was no clearer seen than in the arrival of Spot Bitcoin ETFs in January. On the other hand, Ethereum ETFs arrived several months later and proved to not feature the same kind of hype or success. However, that has not deterred the market from anticipating what asset could be the focus of an investment vehicle next.
Several asset managers and ETF experts say that the market is optimistically awaiting the next crypto ETF. According to asset manager VanEck, Solana could still be a possible next nominee. The asset manager’s Head of Digital Asset Research, Matthew Sigel, has suggested that a Solana ETF is more likely than not going to arrive this year. In a post to X (formerly Twitter), Sigel responded with a post regarding Polymarket’s odds of an SOL ETF standing at 77%.
Sigel has previously said that a Solana investment product has a “high probability” of being approved in 2025. That green light would be massive for SOL, which could mimic Bitcoin’s growth in 2024 following its ETF launch.
