Following the historic approval of the Spot Solana Exchange-Traded Funds (ETFs) in Brazil last week, Manthan Dave, the co-founder of Palisade, a digital asset custody platform supported by Ripple, has confidently voiced his optimism about an approval of the SOL-based funds in the United States by the end of the year.
Spot Solana ETFs In The US On The Horizon?
Marty Party, a macro alpha and Crypto Traders Club Space host shared the Palisade co-founder Manthan Dave’s prediction on the X (formerly Twitter) platform. The co-founder’s forecast coincides with rising interest in Solana as a top blockchain platform and the need for more varied investment solutions in cryptocurrency.
Dave highlights the recent acceptance of the spot SOL ETFs in Brazil and the growing adoption of crypto assets as major factors that may persuade US regulators to embrace the products in the nation. “The development could inspire the world’s largest economy, the US, to explore Solana-based ETFs in the future,” he stated.
This is because Brazil has long been a pro-crypto country, being the first to issue Ethereum and Bitcoin spot ETFs years before the US did. Brazil has also maintained its cordial position toward the ETPs in Europe.
Furthermore, the co-founder claims that the Solana spot ETFs may be accepted by the end of this year, given the upcoming US GOP presidential election season and the general market sentiment. “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.
While Dave is confident of an approval, he noted that the crucial point to consider is whether it will occur before or after the elections in November. However, in the event of approval of the funds happening before or after the elections, it might have a huge impact on the market as the Republicans are now seen as pro-crypto.
Should the US regulator embrace the products, it would mark a major step forward for Solana and its ecosystem, enhancing its stance in the financial markets and offering investors a new method to assess the digital asset’s growth.
Brazil Regulator Accepts Spot SOL ETFs
Since Brazil’s Securities and Exchange Commission (CVM) green light the funds, optimism around Solana has increased within the crypto industry. This development could put the country ahead of other pro-crypto nations like the US, as the products are expected to go live within 90 days.
Optimism towards the product has also increased in the US. Thus far, popular investment management firm VanEck has filed for the first spot SOL ETFs in the country with the US SEC.
This move comes a few months after the regulatory watchdog’s green-lighted Bitcoin ETFs and Ethereum spot ETFs. However, the US SEC has not responded to the company’s application.
Featured image from YouTube, chart from Tradingview.com
