The approval of spot exchange-traded funds (ETFs) for Bitcoin and Ethereum in the United States has reignited speculation across the crypto industry: could Solana be next? While a U.S. spot Solana ETF remains a long shot, growing international interest—particularly in Brazil—has positioned Solana as one of the most plausible candidates for future approval. Despite regulatory headwinds, momentum is building, and the conversation around Solana’s eligibility is far from over.
2024: The Year of Crypto ETF Breakthroughs
2024 marked a turning point for cryptocurrency adoption in traditional finance. The U.S. Securities and Exchange Commission (SEC) approved the first spot Bitcoin ETF in January, a landmark decision that opened the floodgates for institutional investment. This approval triggered a historic surge in Bitcoin’s price and introduced a trusted, regulated vehicle for retail and professional investors alike.
Months later, the SEC followed up with approval for spot Ethereum ETFs—though not without hesitation. By that time, several global markets had already launched Ethereum-based ETFs, making the U.S. decision feel more like catching up than leading. Still, the dual approvals signaled a shift: digital assets with strong decentralization and clear commodity-like traits could gain regulatory acceptance.
With Bitcoin and Ethereum now under the ETF umbrella, market attention has turned to the next potential candidate. Among the contenders, Solana stands out—not just for its market position as the fifth-largest cryptocurrency by market cap, but for its technological resilience and growing ecosystem.
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Why Solana Stands Out
Solana launched in 2020 as a high-performance blockchain designed to support fast, low-cost transactions and smart contracts—features that mirror Ethereum’s utility but with greater scalability. Built on a proof-of-stake consensus mechanism, Solana operates as a decentralized network without centralized control, a critical factor in regulatory evaluations.
One of the SEC’s primary concerns in ETF approvals is whether an asset qualifies as a commodity rather than a security. If a single entity or group can influence an asset’s supply, price, or governance, regulators view it as too centralized—and therefore unsuitable for a spot ETF.
This disqualifies many tokens:
- Tether (USDT): A stablecoin directly managed by its issuer.
- BNB: Controlled by Binance, which faces ongoing regulatory scrutiny in the U.S.
In contrast, Solana lacks centralized control. No single developer, foundation, or corporation dictates its roadmap or tokenomics. This structural independence makes it more comparable to Bitcoin and Ethereum—both now recognized as commodities by U.S. regulators.
Brazil’s Approval: A Global Signal
In late August 2024, Brazil’s securities regulator (CVM) approved the world’s first Solana spot ETF—a move that sent ripples through the crypto market. Just days later, a second Solana ETF received approval, reinforcing confidence in the asset’s regulatory viability outside the U.S.
Brazil’s embrace of Solana suggests that regulators in forward-thinking jurisdictions see it as a legitimate, decentralized digital asset. However, while this is encouraging, it doesn’t guarantee similar outcomes in the U.S. The SEC operates under different legal frameworks and political pressures.
Moreover, early performance data from Ethereum’s spot ETF rollout offers a cautionary tale. Despite Ethereum’s dominance in decentralized finance (DeFi) and smart contracts, its ETFs have experienced net outflows exceeding $458 million since launch—even during a broader market uptrend. If investor demand for Ethereum ETFs remains weak, what hope does Solana have?
Regulatory Roadblocks Remain
The reality is that Solana’s path to a U.S. spot ETF is steep. In mid-2024, the SEC quietly rejected a proposal filed by CBOE on behalf of VanEck and 21Shares—two major players in the crypto ETF space. Notably, the rejection came before any formal review deadlines, signaling strong resistance.
Eric Balchunas, senior ETF analyst at Bloomberg, summed it up bluntly: “Solana has a snowball’s chance in hell of approval unless there’s a change in leadership at the SEC.” The removal of the 19b-4 filings from the SEC website further underscores how unlikely near-term approval appears.
But all is not lost.
Legal Precedent and Future Pathways
VanEck’s Head of Digital Assets Research, Matthew Sigel, has championed a legal argument rooted in a 2018 case: CFTC v. My Big Coin Pay, Inc. In that ruling, the Commodity Futures Trading Commission (CFTC) successfully classified a digital token as a commodity—not a security—because it lacked centralized control and promoter influence.
If applied to Solana, this precedent could establish its classification as a commodity, clearing a key hurdle for ETF approval. While critics argue this interpretation is narrow, it provides a potential roadmap for future filings.
Nate Geraci, President of ETFStore, highlights two viable paths forward:
- Approval of a Solana futures ETF – Regulated by the CFTC instead of the SEC, futures-based ETFs face fewer regulatory barriers.
- Congressional crypto legislation – Comprehensive reform could define digital asset classifications nationwide, removing ambiguity.
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Spot vs. Futures: The Regulatory Divide
For now, a futures-based Solana ETF may be the most realistic first step. Unlike spot ETFs, which require direct custody of the underlying asset and face strict SEC oversight, futures ETFs fall under CFTC jurisdiction—a regulator with a more accommodating stance toward crypto.
If Solana is officially recognized as a commodity, the CFTC could authorize futures contracts and related ETFs without needing SEC approval. This route could serve as a bridge to eventual spot adoption, much like how Bitcoin futures ETFs preceded the spot version by years.
FAQs: Your Solana ETF Questions Answered
Q: Is a Solana spot ETF approved in the U.S.?
A: No. As of 2025, no spot Solana ETF has been approved by the SEC. Proposals have been rejected or withdrawn.
Q: Why is Brazil’s Solana ETF important?
A: It demonstrates that regulators outside the U.S. view Solana as a viable, decentralized asset. While not binding on the SEC, it adds credibility to future U.S. applications.
Q: Could a Solana futures ETF come first?
A: Yes. Given lighter CFTC regulations, a futures ETF is more likely than a spot version in the near term.
Q: What would make the SEC approve a Solana ETF?
A: Clear classification of SOL as a commodity, strong trading volume in futures markets, and sustained decentralization would help—but political and regulatory shifts may be necessary.
Q: How does Solana compare to Ethereum for ETF approval?
A: Both are decentralized smart contract platforms. However, Ethereum’s larger size and longer track record gave it an edge. Solana must prove similar resilience and independence.
Q: When might a Solana ETF launch in the U.S.?
A: Not before 2026—if at all. Approval depends on regulatory evolution, market demand, and potential legislative action.
The Road Ahead
While immediate approval of a U.S. spot Solana ETF seems unlikely, dismissing its long-term potential would be shortsighted. The crypto industry has overcome skepticism before—from Bitcoin’s early days to the hard-fought battles for Bitcoin and Ethereum ETFs.
Solana’s combination of scalability, decentralization, and growing institutional interest makes it one of the strongest candidates beyond Ethereum. Brazil’s approval is more than symbolic—it’s evidence that regulated Solana exposure is feasible.
The next milestones to watch:
- Development of Solana futures markets
- Potential re-filing of ETF applications under new regulatory clarity
- Congressional action on crypto asset classification
Even in an election year where crypto-friendly policies are being debated, systemic change takes time. But history shows that persistence pays off.
In short: a Solana spot ETF isn’t coming soon—but the fight is far from over.
Core Keywords: Solana ETF, spot ETF, cryptocurrency regulation, SEC approval, CFTC futures, crypto commodities, decentralized blockchain