After the Ethereum spot ETF passes, will SOL be the next ETF? Will Grayscale transform into spot ETFs?

As the U.S. Securities and Exchange Commission (SEC) officially approved the 19b- 4 document (change of exchange rules), the community also began to discuss which cryptocurrency will be the next lucky one to launch an ETF?

Prove that Ethereum is not a security?

Previously, the market was worried that the SEC would reject the application on the grounds that ETH is a security. However, the current approval is equivalent to acquiescing to the attitude that Ethereum is not a security. However, in the future, the SEC may also conduct regulatory discussions on the issue of Ethereum staking. After all, the above-mentioned issuers urgently deleted their plans to pledge ETH in the future this week.

But overall, the approval of the Ethereum spot ETF may give the green light for other cryptocurrencies to become the next ETF.

Will SOL be the next ETF?

Currently the most discussed one on the market is Solana, which was once known as the killer of Ethereum. Some analysts have previously predicted that once the Ethereum spot ETF is approved, SOL will be a strong competitor for the next virtual asset ETF. Bernstein once pointed out in a research report: If the United States approves the Ethereum spot ETF, this will be regarded as a major regulatory change for the encryption industry, and it will also increase the expectation that ETH competitor SOL will be classified as a commodity. Tactically, the launch of an Ethereum spot ETF would be the first precedent for a non-Bitcoin asset to be treated as a commodity, raising hopes that SOL will follow the same path.

In addition, Matrixport co-founder Daniel Yan also said earlier: If the Ethereum ETF is approved, SOL will be next. The better trade at the moment is to buy the SOL/ETH trading pair, although this may seem ridiculous. Compared to Ethereum, SOL may have better trading prospects and profit potential.

Will Grayscale’s cryptocurrency funds be transformed into spot ETFs?

Another reference that can be provided is that we know that Grayscale has successfully transformed GBTC and ETHE into spot ETFs, so it is not ruled out that they will do the same with other cryptocurrency funds under their umbrella.

Currently, the giant also manages at least the following cryptocurrency funds:

• Grayscale Ethereum Classic Trust (ETCG)
• Grayscale Litecoin Trust ( LTCN)
• Grayscale Bitcoin Cash Trust (BCHG)
• Grayscale Zcash Trust (ZCSH)
• Grayscale Stellar Lumens Trust (GXLM)
• Grayscale HorizenTrust (HZEN)
• Grayscale DecentralandTrust(MANA)
• Grayscale ChainlinkTrust(LINK)
• Grayscale Filecoin Trust (FIL)
• Grayscale Basic Attention Token Trust (BAT)
• The U.S. House of Representatives passed the "FIT21 Cryptocurrency Bill"

Another good news is that the U.S. House of Representatives also passed the "FIT21 Cryptocurrency Bill" yesterday (23rd) The vote of 279 to 136 approved a bill that is expected to reshape the US encryption regulatory landscape-the "21st Century Financial Innovation and Technology Act."

Next, the Senate will vote at the end of the month, and US President Biden also stated that if the bill is passed by Congress, he will not veto it, and even called on Congress to provide a comprehensive and balanced approach to digital assets. Cooperation on Regulatory Framework: The Administration is eager to work with Congress to ensure a comprehensive and balanced regulatory framework for digital assets.

It is understood that the core of the FIT21 bill is to clearly discuss the positioning of cryptocurrency as a "digital commodity" and stipulate the regulatory scope of the U.S. Commodity Futures Trading Commission (CFTC) and the U.S. Securities and Exchange Commission (SEC). The proposed bill stipulates that the CFTC will treat cryptocurrency with functional and decentralized characteristics as a commodity for supervision, while cryptocurrency that is functional but does not meet the conditions for decentralization will be treated as a security and handed over to the CFTC. SEC regulation.

Although the details of the bill have yet to be discussed, once it is passed, companies and investors in the Web3 field will be able to better understand their respective legal rights and obligations, reduce regulatory uncertainty, and promote industry innovation. and development.

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