The post Solana ETF’s U.S. Approval Relies on Regulatory Soft Fork, Warns VanEck Exec as Elections Approach appeared on BitcoinEthereumNews.com.

Matthew Sigel of VanEck criticized the US SEC for delaying the approval of Solana ETFs. Brazil recently became the first country to approve a spot in the Solana ETF. Matthew Sigel, Head of Research at VanEck, has criticized the US Securities and Exchange Commission (SEC) for its regulatory approach to Solana ETFs. Brazil recently became the first country to approve a spot for the Solana ETF, outpacing the United States in crypto asset regulation. According to Sigel, this development shows that there is a regulatory gap in the US, and this is not a good sign of the attitude towards cryptocurrency projects.  Sigel’s critique is that Brazil is advancing while US regulators are still stuck on the little things rather than advancing in the cryptocurrency space. He notes that in the Solana ETF case, Brazil was quick to act, while the SEC was hesitant and called for a radical change in the US regulatory approach.  This has come in light of the recent approval of Solana ETFs in Brazil prompting the same for US regulators. Sigel has complained about the delay, stating that the SEC’s conservatism is unhealthy for the development of the cryptocurrency industry in the United States. He notes that the SEC’s current stance seems to be more of an attempt at stifling innovation within the crypto space. Sigel Argues US Regulators Lag Behind in Cryptocurrency Space Sigel’s remarks capture a general dissatisfaction within the industry with the regulatory environment in the US. Some of the firms that have slammed the SEC for its approach to spot Bitcoin ETFs include VanEck and Coinbase, with complaints like higher borrowing costs and ambiguous rules.   According to Sigel, a ‘soft fork’ is possible when the US government shifts its stance towards cryptocurrencies. He opines that the White House could be used…

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Filed under: News - @ August 14, 2024 3:27 pm