The recent approval of spot Solana ETFs in Brazil has prompted Matthew Sigel, VanEck’s Head of Research, to react. He believes strongly that the United States regulators are focused on less important subjects and this has caused the South America country to overtake it the US.
Brazil Beats the US to Spot Solana ETF Approval
Brazil approved spot Solana ETF on Wednesday, making it the first nation to support such offering. The Solana ETF move by Brazil regulator prompted experts to speculate that the United States may borrow a leaf and approve the filed applications for the offering. However, Sigel stated that he is embarrassed by the fact that Brazil greenlighted this offering before the US. He made a statement which suggested that the US Securities and Exchange Commission (SEC) is more focused on cracking down of crypto endeavours than supporting it.
“This admin is winning lawsuits against Big Tech for antitrust, but won’t allow open source alternatives to thrive,” Sigel wrote on X.
The VanEck executive does not think that “customer welfare” is enough reason for the regulator to delay its approval of spot Solana ETFs in the region. Noteworthy, VanEck submitted its application to list a Solana ETF over a month ago and 21Shares followed suit a few days after.
Based on the current stance of the SEC, the hope of the digital asset industry is on a potential pro-crypto administration, according to Sigel. He believes that the US regulation landscape needs a “soft fork” to which the White House holds the key.
US SEC Crypto Stance is Likely to Change
Even if it is to gain the favour of crypto voters in the upcoming elections, the SEC may approve the Solana ETFs soon. Plus, deciding to approve spot Bitcoin ETFs in January and later spot Ethereum ETFs in June, is a major pivot for the SEC. The regulator may have truly had change of stance towards cryptocurrencies.
Recently, the Commission decided against arguing that Solana, Cardano and Polygon in Binance lawsuit, are securities. This reflects a step closer to favouring the crypto ecosystem.
The SEC stoll has other issues to deal with as regards the digital asset sector. Eecutives from VanEck and Coinbase have raised alarms over the U.S. SEC’s handling of spot Bitcoin ETFs. They particularly highlighted increased borrowing costs as a direct consequence of the regulatory framework.
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Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin
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