Solana, Cardano, and other altcoins face significant challenges in being approved as spot exchange-traded funds （ETFs） in the US. This article explores the main obstacles identified by Sygnum Bank and their potential impact on investor interest.
Points
- Lack of acceptable trading venues for SEC market surveillance.
- Limited demand for altcoin ETFs beyond Bitcoin and Ethereum.
- SEC’s regulatory requirements pose a barrier.
- Market perception of altcoins compared to Bitcoin and Ethereum.
- Potential future developments and alternative viewpoints.
According to Katalin Tischhauser, head of investment research at Sygnum Bank, Solana （SOL）, Cardano （ADA）, and other altcoins face substantial hurdles in gaining approval as spot exchange-traded funds （ETFs） in the United States. The Securities and Exchange Commission （SEC） requires stringent market surveillance, which currently only Bitcoin （BTCUSD） and Ethereum （ETHUSD） trading venues can meet.
Lack of Acceptable Trading Venues
The primary obstacle is the absence of trading venues that the SEC considers suitable for market surveillance to prevent fraud and market manipulation. Bitcoin and Ethereum have CME futures, which provide a workaround for the SEC’s requirements. However, other altcoins lack similar regulated market venues.
Limited Demand for Altcoin ETFs
Tischhauser also pointed out that even if approved, the demand for altcoin ETFs is likely to be limited. Bitcoin and Ethereum dominate market recognition and investor interest, while other altcoins like Solana have minimal name recognition outside the crypto community. This disparity suggests that altcoin ETFs may struggle to attract substantial investment.
###解説
- The stringent regulatory requirements of the SEC highlight the challenges altcoins face in gaining approval for spot ETFs, emphasizing the need for robust market surveillance to ensure market integrity.
- The limited demand for altcoin ETFs compared to Bitcoin and Ethereum reflects broader market perceptions and investor preferences, where Bitcoin and Ethereum are seen as more established and reliable investments.
- Despite these challenges, some industry experts remain optimistic about the potential for altcoin ETFs in the future. Matthew Sigel, head of digital assets research at VanEck, believes that a variety of crypto ETPs, including altcoin options, could eventually gain traction, drawing parallels to the European market.
- The high premium on Grayscale’s Solana Trust indicates some investor interest, though it remains significantly smaller compared to Bitcoin and Ethereum trusts, highlighting the uphill battle altcoins face in gaining widespread acceptance.
- As the crypto market evolves, ongoing developments and regulatory adjustments could pave the way for greater acceptance and approval of altcoin ETFs, potentially broadening the investment landscape.
While the road to approval for altcoin ETFs is fraught with challenges, continued innovation and regulatory engagement may eventually lead to a more inclusive and diverse ETF market, offering investors a wider range of options.