Is Solana The Next Big ETF? 21Shares Files For Approval

21Shares Takes Bold Step with Solana ETF: What It Means For Investors

Ophelia Snyder, Co-founder and President of 21Shares has said that the industry of crypto ETFs will continue to grow in the future. This optimism comes after 21Shares applied for a Solana ETF in the US, a move that could be a major turning point for the crypto market. 

Snyder’s ideas are quite timely, given the current trends of mainstream acceptance of cryptocurrency and blockchain technology, thanks to the enhanced legal tussle and investor interest.

What’s The News

During the interview, Snyder noted that the digital asset market is relatively young and has a lot of potential for development. She said that she first learned about cryptocurrency from a documentary in 2013, in which Bitcoin was described as a global trade and has the potential to be a decentralized solution for preserving the advantages of globalization. 

Snyder believes the crypto fund industry is poised for major expansion, noting the absence of intermediaries and the limited accessibility on key platforms as indicators of its nascent state.

Snyder’s optimism is further supported by 21Shares’ application to launch a Solana ETF in the U. S. This application, like a similar one by competitor VanEck is based on the fact that Solana is not considered a security under U. S. law. 

However, 21Shares has said it may pull the application if the Securities and Exchange Commission (SEC) categorizes Solana as a security due to issues arising from extra registration. On a global level, Snyder described differences in the business regulation and the products that are available on the market. 

She praised Europe for its flexible regulatory framework, which has enabled 21Shares to manage around 40 different products in the European market. The company also manages more than $3. 5 billion in assets in the US, where it currently lists six products, one of which is a spot Bitcoin ETF. 

Snyder also said that 21Shares is currently developing a spot Ethereum product for the US. market. Snyder pointed out that the approval of spot Bitcoin ETFs in the U. S. has created a massive global domino effect, changing the approach towards investments as well as risk-taking.

Conclusion

Ophelia Snyder's optimistic outlook on the future of crypto ETFs reflects the growing momentum and potential of the digital asset industry. Despite current challenges and regulatory uncertainties, leaders like Snyder remain confident in the long-term prospects of the cryptocurrency sector, anticipating significant growth and development in the coming years.

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