American multinational asset administration firm Franklin Templeton has showered excessive praises on Solana, triggering widespread hypothesis concerning the potential of a Solana ETF sooner or later. 

Franklin Templeton’s Approval Of Solana Sparks ETF Talks

On Wednesday, January 17, Franklin Templeton’s official X account expressed their admiration for the Solana, commending the blockchain community’s progress and steady developments inside its ecosystem. 

The asset administration firm highlighted Solana’s notable accomplishments throughout the fourth quarter of 2023. Particular mentions had been made relating to Solana’s revolutionary NFT initiatives over the previous months, its impactful presence within the DeFi ecosystem in addition to the introduction of latest ingenious meme cash like Dogwifhat, Myro Popcat, and extra. Franklin Templeton additionally outlined further achievements like Solana’s next-generation impartial validator consumer, Firedancer, and its revolutionary DePIN initiatives. 

Though Solana beforehand skilled a major decline in its NFT market, the blockchain community’s NFT gross sales quantity witnessed a resurgence after recording a staggering improve lately. On Wednesday, Solana’s NFT quantity rose above 92% on the Tiexo market. Moreover, the blockchain recorded substantial will increase on two different outstanding marketplaces, Tensor and Magic Eden, respectively. 

Total, Franklin Templeton’s overwhelming reward for the Solana ecosystem was taken with nice optimism by the crypto neighborhood and SOL supporters. The favorable remarks sparked discussions relating to the potential introduction of a Solana ETF. 

Since Spot Bitcoin ETFs gained approval from the US Securities and Alternate Fee (SEC), many buyers, together with Ripple CEO Brad Garlinghouse, anticipate the eventual entry of extra ETFs into the market. 

Presently, the Ethereum Spot ETF stands as the following contender for approval by the SEC. And the ultimate deadline for approving or rejecting a number of Ethereum Spot ETF purposes is slated for Could 23, 2024. 

SOL value at $98 | Supply: SOLUSD on Tradingview.com

Group Members Skeptical About Potential SOL ETF

As pleasure spreads within the crypto neighborhood over a attainable Solana ETF, varied crypto fans specific differing views and opinions on its probability. It’s essential to notice that regardless of the passion, there was no official dialogue or affirmation of a Solana ETF by the cryptocurrency’s builders or executives.

Regarding a possible Solana ETF, a crypto neighborhood member, Lex has highlighted explanation why such a notion may face challenges. Within the submit, he outlined the SEC’s potential involvement within the determination relating to a Solana ETF. In line with the neighborhood member, the SEC “would by no means approve a SOL ETF.”

One other member additionally supplied a extra in-depth clarification for the rejection of a Solana ETF, asserting that because the SEC had beforehand categorized Solana as a safety, it might not greenlight a Solana ETF except a courtroom formally declares the cryptocurrency as a non-security. 

Nonetheless, in response to those speculations, Franklin Templeton stated:

The legal professionals gained’t allow us to reply to feedback, however we hear you