ETF approvals for altcoins like XRP and Solana (SOL) were expected to come very soon after the SEC asked ETF issuers to withdraw their 19b-4 applications.
However, the US government shutdown has negatively impacted government agencies like the SEC. Like many other government agencies, the SEC will furlough many employees and continue to operate with a limited staff.
While it was stated that this could delay the decisions on the altcoin ETFs awaiting approval, Bitwise CEO Hunter Horsley made important statements regarding the Solana ETFs.
Comparing Solana and Ethereum, Bitwise CEO stated that Solana has a more favorable design for investors and that it has an advantage over Ethereum in the ETF market.
Staking ETFs allows investors to earn profits by staking cryptocurrencies without the hassle of staking. Ethereum has been the leading choice because it’s the largest proof-of-stake network. However, Solana is rapidly gaining on Ethereum.
Speaking at the Token2049 event in Singapore, Hunter Horsley stated that Solana has a faster staking process.
At this point, the famous CEO stated that Solana is faster than Ethereum in the staking process and said that SOL is more advantageous than ETH.
Horsley noted that they need to be able to quickly return their assets to investors, and stated that delays in the Ethereum system pose a major challenge for ETH.
Horsley said Solana’s speed and lower costs could allow it to launch staking ETFs faster than Ethereum. If that happens, investors could more easily access SOL rewards through regulated funds.
Horsley recently stated that if Solana were to launch staking ETFs before Ethereum, it would be a major turning point for the crypto market, as investors would have a safe and easy way to earn rewards from SOL.
The SEC is preparing to rule on several pending ETF applications in the coming weeks, including proposals for Solana and Ethereum ETFs that include staking features. In August, the SEC postponed its staking decision on two Grayscale Ethereum ETFs and BlackRock’s iShares Ethereum Trust until the end of October.
