Approval to launch an Ethereum spot trading fund paves the way for Solana to be classified as a commodity
The US Securities and Exchange Commission's approval of the Ethereum spot exchange-traded fund will be seen as a major positive step in easing regulatory restrictions on the cryptocurrency sector, and will also reinforce expectations that Solana, Ethereum's competitor, will be classified as a commodity, according to a research report issued by financial brokerage firm Bernstein on Tuesday.
The report, which was sent to clients a few days before the deadline set by the Securities and Exchange Commission to decide on some applications for the issuance of traded investment instruments linked to Ethereum, indicated the possibility of the Biden administration softening its position towards digital currencies ahead of the US presidential elections next November, and that Trump’s possible victory It will be positive overall.
“In the long term, we believe that if Trump wins the election, cryptocurrencies may see significant legislative and regulatory support, paving the way for lasting structural changes in the integration of cryptocurrencies into the financial system,” analysts Gautam Chogani and Mahika Sapra wrote.
The two analysts added: “On a more realistic note, the SEC’s approval of Ethereum exchange-traded funds will set a precedent for the first blockchain-linked asset.”
