Despite the uncertain regulatory environment, Matt Hougan, Chief Investment Officer at Bitwise, remains optimistic about the future of exchange-traded funds (ETFs) for Solana and meme coins. His confidence endures even as the US Securities and Exchange Commission (SEC) has shown reluctance for these investment products.
Earlier this year, the SEC’s approval of Bitcoin and Ethereum ETFs ignited hopes for other cryptocurrencies to follow. However, the stance on Solana has not been as favorable.
Bitwise Remains Excited About Solana ETFs
In August, the SEC turned down the Chicago Board Options Exchange’s filings for two potential Solana spot ETFs, dampening immediate prospects for their approval. This decision followed in-depth discussions on whether Solana should be classified as a security.
Read more: Solana ETF Explained: What It Is and How It Works
Despite these challenges, Hougan is undeterred.
“[SEC] sort of summarily rejected the first two applications [for Solana ETFs]. That doesn’t mean the door is closed. Remember, Bitcoin ETFs were rejected for ten years, and it was worth the wait,” Hougan stated.
His optimism is supported by Bitwise’s approach to SEC filings, which typically include comprehensive data aimed at showcasing market stability and protections against manipulation.
“We’re very excited about the Solana ecosystem. We think it’s robust. So we’re doing the work on that and on certain other assets. The timing of when we’re filing them, it just depends on how fast we get through that work and what we find,” Hougan said in a video interview.
To date, only VanEck and 21Shares have filed for Solana spot ETFs. Hougan indicates that Bitwise may soon join this group, taking additional time to align with the SEC’s stringent demands.
Moreover, Hougan is optimistic about the wider adoption of ETFs for various cryptocurrencies. He believes the European success, where exchange-traded products (ETPs) have given investors secure, low-cost access to digital assets, can be mirrored in the US.
Finally, Hougan believes that the crypto industry has entered an ETF era. He states that it is much harder to go from zero to one, i.e., getting approval for the first Bitcoin ETF. But it’s relatively easier to go from one to 100.
Read more: 11 Top Solana Meme Coins to Watch in September 2024
Additionally, Hougan’s positive outlook extends to meme coins, traditionally viewed with skepticism due to their volatile nature. Although not currently fitting into Bitwise’s framework, he sees potential for meme coin ETFs.
“Many ETFs exist as trading tools and are widely used. Why not allow people to gain exposure to meme coins in a secure, familiar ETF package? Broadly speaking, I think that would be great.” he proposed.
The post Bitwise’s Matt Hougan Remains Bullish on ETF Prospects for Solana and Meme Coins appeared first on BeInCrypto.
