Solana
$200,000 bet placed on Solana ETF approval
Decentralized prediction market platform Polymarket has recorded over $200,000 in bets on whether Solana exchange-traded funds (ETFs) will be approved by December 31, 2024.
This interest reflects a significant bet on Solana’s future within the cryptocurrency market.
Speculators bet big on Solana ETF
Earlier this week, the Chairman of the United States Securities and Exchange Commission (SEC), Gary Gensler, indicated that Ethereum spot ETF approval in the United States by the end of summer. This would be the first time a non-Bitcoin digital asset would receive such a classification, sparking speculation about the potential of Solana ETFs.
Despite this optimism, betting on Polymarket for the approval of the Solana ETF has stayed at a conservative 7%. The discussion around Solana ETFs comes amid a changing regulatory environment and growing bipartisan support for cryptocurrency.
Solana ETF Approval Ratings. Source: Polymarket
For example, the Republican presidential candidate Donald Trump has positioned himself as a strong supporter of crypto, criticizing Democratic efforts to regulate the sector. Ryan Selkis, CEO of Messari, highlighted Trump’s advocacy for the industry but noted that he did not provide specific policy details.
“I didn’t expect to say I was at Mar-a-Lago tonight, but President Trump praised crypto,” Selkis said.
In addition, the recent passage of Financial Innovation and Technology for the 21st Century Act (FIT21) by the House, which enjoyed significant Democratic support, reflects a potential policy shift. Crypto proponents hailed the success of the bipartisan bill in the House of Representatives but remain vigilant about its final form.
Although the industry views this intention to remove regulatory ambiguity as a symbolic victory, it remains cautious about the potential regulatory implications. The approval of Solana ETFs would be a significant milestone, indicating broader acceptance and integration of crypto into traditional finance.
Learn more: Solana vs Ethereum: An Ultimate Comparison
However, while Ethereum ETFs still await final approval, the crypto community remains cautiously optimistic. The industry’s goal is to adapt to the regulatory environment and ensure that new policies support rather than hinder crypto innovation.
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