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According to Bloomberg analyst James Seyffart, the approval of a spot Ethereum ETF by the U.S. Securities and Exchange Commission is expected to pave the way for a similar product for Solana. Solana could get such a spot ETF in a few years, if Seyffart’s expectations come true based on all the success that Ether and a few others are able to accomplish here within the given scope and time frame. This will all be made possible by the kind of legislation that, for example, the forthcoming FIT21, the Financial Innovation and Technology for the 21st Century Act, will make possible, that is going to try and iron out a slightly firmer regulatory environment for cryptocurrencies and hopefully get the approval process and compliance up to levels for the current fit of ETFs currently on the market.
Next steps by the regulator for a spot Ethereum ETF application by VanEck, which is due on May 23, will set a key landmark for the future approval of ETFs for other altcoins, other than Solana. Identical ETFs could then be invested in on an approval of an Ethereum ETF to the hundreds of millions of dollars and then, naturally, follow-on investments in Solana will be massive. Yet, the chair of the SEC, Gary Gensler, and the administration of Joe Biden, sound anything like being in a rush to wind up an SEC.