Anthony Pompliano is bullish on VanEck’s Solana ETF, which he says signals Wall Street’s growing interest in altcoins. The popular podcaster applauds VanEck’s decision to launch a spot Solana ETF.
This signal to Wall Street, he says, points to a shift towards altcoins. Of course, we still have to wait and see if the Solana ETFs will actually be approved.
Wall Street is getting more excited about altcoins
Wall Street’s interest in cryptocurrencies is expanding with the launch of the VanEck Solana Trust. The investment fund offers direct exposure to Solana and benefits from recent SEC approvals for similar Bitcoin (BTC) and spot Ethereum ETFs.
The VanEck Solana Trust determines the value of its shares daily based on prices from selected trading platforms. Anthony Pompliano, a well-known figure in the crypto world, sees this move as an example of the broader acceptance of altcoins in the major financial markets.
Despite the optimism, regulatory challenges remain a concern. Bloomberg ETF analyst James Seyffart cautions that while the application has been filed, the lack of a formal 19b-4 filing points to a potential mid-March 2025 launch date. Patience is advised.
The proposal has drawn mixed reactions from industry experts. Anthony Pompliano sees the ETF as evidence that altcoins are becoming more important on Wall Street, which fits with the broader view that institutional interest in digital assets is diversifying beyond Bitcoin and Ethereum.
However, there are also critics who see little benefit in an ETF for Solana and do not understand how this is positive for the broader crypto market. Some fear that it could even have a negative impact if it turns out that there is no institutional interest in Solana.
Growth and regulatory benefits for Solana
The Solana (SOL) network currently manages nearly $4 billion in capitalization (TVL) and is slowly but surely establishing itself as a major blockchain for smart contracts and decentralized finance applications. While Solana is still far from Ethereum in terms of market cap, this could change in the future.
In other good news for altcoins, the US SEC recently announced that it will no longer investigate Ethereum for alleged violations of securities laws. This development is expected to impact the regulation of other cryptocurrencies, including Solana, suggesting a potentially smoother path for similar initiatives.
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Source: https://newsbit.nl/pompliano-wall-street-omarmt-altcoins-met-nieuwe-solana-etf/
