Cboe exchange executive: Solana ETF is unlikely to appear in the short term

According to a report by CryptoSlate , Cboe, an exchange that lists multiple Bitcoin spot ETFs, Rob Marrocco, its vice president in charge of ETF listings, believes that Bitcoin and Ethereum will not be possible without first establishing a futures market or changing regulatory conditions. Crypto ETFs other than .

Without futures, there would be no spot ETFs

Marrocco said in the ETF Store Podcast on June 11 that market expectations for Solana (SOL) and XRP spot ETFs are unlikely to be realized in the short term!

There is no futures market for these cryptocurrencies, which is the main reason why spot Bitcoin ETFs were approved.

This means that the only feasible way to bring the Solana ETF to market is through the Solana futures ETF and then, potentially, the spot ETF. However, even if Solana futures ETFs are launched, they will need to be traded for a considerable period of time to establish a track record to prove that the market is large and transparent enough, a process that may take quite a long time.

Legislation is another way

Another approach, Marrocco believes, is to establish a comprehensive regulatory framework for cryptocurrencies. The framework will define what constitutes securities and commodities and enable the U.S. Securities and Exchange Commission (SEC) to take appropriate action.

That would require legislative action, which could take as long or longer, but as cryptocurrencies become an increasingly important issue for U.S. voters in an election year, it appears to be a possible option.

The House of Representatives passed FIT21, the 21st Century Financial Innovation and Technology Act, on May 22. If passed by the Senate and signed into law, it will more clearly clarify the requirements of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Regulatory powers and responsibilities in digital assets and make regulatory principles clearer.

( The crypto market bill FIT21 successfully passed the House of Representatives, with support and opposition rising. What’s the next step? )

Experts are divided on the issue of the Solana ETF, with JPMorgan and Bloomberg expressing skepticism, while Bernstein believes that the approval of the Ethereum ETF will pave the way for Solana and other similar tokens to obtain commodity classification.