According to a report by CryptoSlate, Rob Marrocco, the Vice President responsible for ETF listings at Cboe, a leading exchange with multiple Bitcoin ETFs listed, believes that without establishing a futures market or changing regulatory conditions, it will not be possible to see crypto ETFs beyond Bitcoin and Ethereum.
Without futures, there will be no spot ETF
Legislation is another avenue
Marrocco stated on the ETF Store Podcast on June 11th that the expectations for Solana (SOL) and XRP spot ETFs in the short term are not achievable!
These cryptocurrencies do not have a futures market, and the futures market is a key reason why spot Bitcoin ETFs have been approved.
This means that the only viable way to bring Solana ETF to the market is through a Solana futures ETF first, and then there may be a chance for a spot ETF. However, even with the launch of Solana futures ETFs, they will need to trade for a considerable period of time to establish a track record to prove that the market is large and transparent enough, a process that may take a significant amount of time.
Marrocco believes that another way is to establish a comprehensive cryptocurrency regulatory framework. This framework will define the composition of securities and commodities, enabling the U.S. Securities and Exchange Commission (SEC) to take appropriate action.
This would require legislative action, which may take as long or even longer, but with cryptocurrencies becoming an increasingly important issue for American voters in election years, it seems like a possible option.
The House of Representatives passed FIT21 on May 22, the “21st Century Financial Innovation and Technology Act,” which, if passed by the Senate and signed into law, would further clarify the regulatory responsibilities of the SEC and the Commodity Futures Trading Commission (CFTC) in the digital asset space, making regulatory principles more clear.
Experts have differing views on the issue of Solana ETF,
Morgan Stanley
and
Bloomberg
express skepticism, while
Bernstein
believes that the approval of an Ethereum ETF will pave the way for similar tokens like Solana to obtain commodity classification.