Now, it’s the regulatory opening season for digital assets in the United States – not only because the incoming president released Solana Memecoin on the eve of the inauguration. Now IT and other memes are being proposed as assets of new cryptocurrency ETFs. In just over a month, the US cryptocurrency market has gone from facing absurd blockage to absurd absurd absurdity.
While I can hardly imagine a financial adviser telling me: “You’re a little underweight in the $trump coin”, the reality is that these new currencies may be valid assets for ETFs. Another point is that they are completely useless.
A more generous view is that they are a form of creative expression. Of course, they are not Mozart’s symphony, but these coins ($bonk,$pengu) obviously have some cultural value. I understand why some retail and other retail investors are interested in this kind of ETF.
This brings us to Solana, which is essentially the third largest asset in market capitalization and the largest asset in terms of network usage. Bitcoin was originally conceived as a kind of digital cash, but has become a digital store of value. Solana adopts the mantle of blockchain smart contracts, and its unique history proves that it has the potential to power various blockchain-based applications. Now is the time.
Read more: “It’s still early”: How Solana competes with Ethereum for institutional interests
The basic work is there. It took 10 years for the Bitcoin ETF to approve the lawsuit. After more challenges, Ethereum ETFs were also approved – with an asterisk. Every issuer who offers a “points” reward in the application must strike it. By doing so, the SEC effectively states that issuers (and investors) cannot participate in the governance of these blockchains, but can invest in them.
As a result, since May last year, every investor who buys Ethereum ETFs has missed the opportunity to obtain their return on assets – the earnings are directly derived from the security that supports the blockchain itself. If these investors do not buy the same amount of Ethereum in place of ETF stocks and place it (for example, using Coinbase), you can make money, e.g. 2-4%APYIn return, let their ETH be used to ensure blockchain security. Regardless of your politics, no matter how you view cryptocurrencies, the facts are putting U.S. investors at a disadvantage. European investors already have ETPs in other currencies and they can also earn points rewards through them.
But in the United States, we are still waiting for any form of solana ETF. As the issuer learned from the Ethereum case, it certainly won’t include bets. In my opinion, Europe’s recognition of Sticking ETP should set a precedent for the US’s Staking ETF.
As for why the hiding ETF consisting of Solana, the fact that the president released members on Solana is no accident. This is a popular blockchain that can handle billions of dollars in transaction volume even if unexpected. Its scalability and power will inevitably be applied to real-world assets in TradFI, as well as any other number of real-world use cases. Don’t allow investors to get investments in this technology through their traditional financial accounts, just like we restrict investors from investing in Amazon or Google during the initial product. That’s why the Solana ETF should be approved quickly: Allow retail and institutional investors to acquire the second largest asset in inheriting Bitcoin and Ethereum.
In short: Solana is overdue for her own ETF, and I urge the new SEC leadership to approve their applications for inheritance from people including Grayscale, Vaneck, 21shares, Canary Capital and Bitwise, and even encourage them to reintegrate Stricgegration Rewards into their recommendations. (The application of canary has been achieved The second phase of SEC reviewindicating that approval can be obtained at appropriate times. )
It’s still early, so we haven’t seen the long-term impact of the government’s cryptocurrency. However, it may drive a new, better crypto asset product framework. That’s worth the hype.
