Solana ETF is not allowed in the US in the near future says the CEO of Sol Strategies

Key Takeaways

Sol Strategies CEO Leah Wald told Blockworks that she expects a delay in US approval for the Solana ETF, citing regulatory challenges.
Canada may approve the Solana ETF before the US because of its track record in leading ETF innovations.

Leah Wald, CEO of Sol Strategies Inc., told Blockworks that it is doubtful about the approval of Solana ETF in the United States in the near future.

Despite the growing interest in Solana and its ecosystem, Wald believes that regulatory challenges and the increasing leadership of the SEC will delay any green light for such of result.

“I think it will be a long time before the SOL ETF is approved,” Wald told Blockworks, noting that educating regulators about Solana's unique features could take a year or more.

Wald also noted to Blockworks that Canada is more likely to approve the Solana ETF before the US. She pointed to Canadian issuer 3iQ, which has historically been ahead of the US in crypto-related licenses.

“Canada has consistently been at the forefront of ETF innovation, and I expect them to do so again with the Solana ETF,” she said.

The CEO also addressed the potential impact of Paul Atkins replacing Gary Gensler as SEC Chairman.

She acknowledged that while the leadership change could lead to a more crypto-friendly regulatory environment, she cautioned against complacency.

Wald explained that if the new SEC Chairman approved all crypto ETFs overnight, it could be a dangerous move.

She emphasized the need for a measured approach to ensure that regulators have a thorough understanding of the benefits and risks associated with individual crypto assets.