US multinational asset management company Franklin Templeton has praised Solana, sparking widespread speculation about the potential for a Solana ETF in the future.
Franklin Templeton's approval of Solana sparks ETF talks
On Wednesday, January 17, Franklin Templeton's official X account voiced his admiration for him solariumpraising the progress of the blockchain network and the continued developments within its ecosystem.
The asset manager highlighted Solana's notable achievements during the fourth quarter of 2023. Specific mentions were made about Solana's work. innovative nft projects In recent months, its impressive presence in the DeFi ecosystem, as well as the introduction of new inventions. ethereum-as-the-home-of-meme-coins/” rel=”nofollow”>coins memes like Dogwifhat, Myro Popcat and more. Franklin Templeton also described additional achievements such as Solana's next-generation independent validator client, fire dancerand its innovative DePIN projects.
Although Solana previously experienced a significant nft-marketplace-deflating/” rel=”nofollow”>fall in its nft market, the blockchain network's nft sales volume witnessed a resurgence after recording a staggering surge recently. On Wednesday, Solana nft volume surpassed 92% in the btc&activeMetric=marketplaces” rel=”nofollow”>Tiexo Market. Additionally, blockchain saw substantial increases in two other prominent markets, Tensor and Magical Edenrespectively.
Overall, the crypto community and SOL supporters took Franklin Templeton's overwhelming praise for the Solana ecosystem with great optimism. The favorable comments caused discussions on the possible introduction of a Solana ETF.
From bitcoin-etfs-approved-by-us-sec/” rel=”nofollow”>bitcoin spot ETFs gained approval from the United States Securities and Exchange Commission (SEC), many investors, including the CEO of Ripple Brad GarlinghouseThey anticipate the eventual entry of more ETFs into the market.
Currently, the ethereum Spot ETF is the next candidate for SEC approval. And the final deadline to approve or reject several ethereum Spot ETF Applications are scheduled for May 23, 2024.
SOL price at $98 | Source: SOLUSD on Tradingview.com
Community Members Skeptical About Potential SOL ETF
As excitement spreads in the crypto community over a possible Solana ETF, several cryptocurrency enthusiasts are expressing different views and opinions on its likelihood. It's important to note that despite the excitement, there has been no official discussion or confirmation of a Solana ETF from cryptocurrency developers or executives.
Regarding a possible Solana ETF, a member of the crypto community, lex has highlighted the reasons why such a notion could face challenges. In the post, he outlined the SEC's possible involvement in the decision regarding a Solana ETF. According to the community member, the SEC “would never approve a SOL ETF.”
Other member He also provided a more detailed explanation for the rejection of a Solana ETF, stating that since the SEC had crypto-securities/” rel=”nofollow”>classified Solana as a valuecannot give the green light to a Solana ETF unless a court officially declares that the cryptocurrency is not a security.
However, in response to these speculations, Franklin Templeton saying:
The lawyers don't let us respond to comments, but we listen to you.
Featured image from MEXC Blog, chart from Tradingview.com
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