The approval of Solana exchange-traded funds (ETFs) in Brazil has sparked optimism among industry experts, with some predicting that a US-based Solana ETF is now “inevitable.” VanEck, the first asset manager to file for a US-based Solana ETF, has expressed confidence that approval is on the horizon.

A Regulatory Breakthrough?

While some analysts have downplayed the likelihood of a Solana ETF in the US due to regulatory hurdles, VanEck’s Head of Digital Asset Research, Matthew Sigel, believes that Brazil’s approval has paved the way for a US counterpart. “Brazil’s approval of a SOL ETF signals that a US counterpart isn’t just a possibility – it’s as inevitable as the next block in the chain,” Sigel said.

Industry Experts Weigh In

Manthan Dave, co-founder of Palisade, a Ripple-backed digital asset custody platform, is also bullish on the prospects of a Solana ETF. “Brazil has been one of the pro-crypto jurisdictions since they offered the Bitcoin and Ethereum ETFs – years before the US did… People in the US have been requesting a Solana ETF, and now they might finally get it,” Dave said. He even suggested a timeline for potential approval, citing the upcoming election season and existing sentiment. “Considering the current election season and the existing sentiment, it’s likely that we will see the approval of Solana ETFs before the end of this year. The big question is whether this will happen before or after the elections.”

Regulatory Challenges Ahead

However, not everyone is convinced that a Solana ETF in the US is a done deal. Markus Thielen, founder of 10x Learn, noted that the regulatory pathway to approval is complex, particularly given the SEC’s stance on cryptocurrencies like Solana, which are classified as securities. “The absence of a strong Solana futures market also complicates and delays the approval process,” Thielen said.

Solana’s Growing Ecosystem

Despite regulatory challenges, Solana’s ecosystem continues to grow. Sonic, one of Solana’s most promising networks, has surpassed 1 million active users. Additionally, Solana’s price has climbed 12% over the last seven days of trading.

Ethereum ETFs: A Precedent for Solana?

As Ethereum ETFs in the US begin to gain traction, industry experts are watching to see which crypto asset will be next in line to be released as a fund. Solana, with its thriving ecosystem and growing user base, is likely “leading the charge” for now. However, the regulatory landscape remains uncertain, and it remains to be seen whether a Solana ETF will be approved in the US before the end of the year.