Source: cryptoslate
Compiled by: Blockchain Knight
According to a recent report by Bernstein, the approval of a spot ETH ETF in the United States may set a precedent for classifying Solana as a commodity.
Classifying crypto assets as securities or commodities is of significant importance. A commodity classification is favorable for ETF applications and approvals, while a securities classification subjects the assets to stricter supervision by the SEC (U.S. Securities and Exchange Commission).
The approval of a spot ETH ETF would mean that the SEC considers the second largest crypto asset as a commodity, thus setting an important precedent. This would mark the first time a non-BTC digital asset receives this classification, sparking interest in Solana.
Earlier this week, Bloomberg analysts stated that the likelihood of the SEC approving a spot ETH ETF had increased from 25% to 75%, leading to a subsequent rise in the price of ETH.
The final decision by the SEC on these applications is expected to be made later, as the decision has been delayed multiple times before.
Bernstein's report indicates that the price of spot BTC rebounded by 75% after approval, suggesting that a similar price trend may occur after the approval of a spot ETH ETF.
However, according to research by CryptoQuant, if the SEC rejects these applications, it may lead to significant price fluctuations and sharp declines in the price of ETH in the coming days.
Crypto asset investor Brian Kelly expressed a similar optimistic view regarding the potential approval of Solana and ETH ETF products by regulatory agencies in a recent interview with CNBC.
Kelly speculated that Solana could be the next crypto asset to receive ETF approval, emphasizing its potential as a candidate asset driven by investment managers.
Kelly emphasized that BTC, ETH, and Solana are the "big three" digital assets that could potentially receive approval for ETF products in this round. The success of the BTC ETF has led investment managers to accumulate a large amount of BTC, valued at approximately $58 billion, indicating strong market demand for regulated crypto investment products.
However, Kelly also acknowledged some skepticism within the Solana community.
He mentioned that Solana's initial coin offering (ICO) and its classification as a security by the SEC could pose challenges for ETF approval.
Nevertheless, Kelly remains optimistic that if the ETH ETF gets the green light, changes in regulatory and political landscapes could increase the chances of Solana ETF approval.
Bernstein's report was released before the SEC made its final decision on the ETH ETF applications, and it also highlighted the potential for a shift in the Biden administration's stance on crypto assets based on recent developments.
Additionally, the report pointed out that if Trump were to be re-elected, his administration might further support the crypto asset industry through legislation and regulatory measures.
The report stated, "If Trump is elected, crypto assets may receive significant legislative and institutional support, leading to long-term structural changes in the financial integration of crypto assets."
The approval of a Solana ETF may occur as the regulatory environment continues to evolve and both parties' support for crypto assets continues to grow.
Recently, the House of Representatives passed the Financial Innovation and Technology for the 21st Century (FIT21) Act with strong support from the Democratic Party, indicating a potential political shift.
Lawyer Jake Chervinsky described the passage of this bill as a "vote of no confidence" in the SEC's current approach to regulating crypto assets, implying political consequences for maintaining an anti-crypto asset stance.
The approval of a Solana ETF by regulatory agencies would mark a significant milestone for the crypto asset industry, indicating mainstream acceptance and integration. However, due to the pending approval of the ETH ETF, the industry remains cautiously optimistic about the future.
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