Sol Strategies announced a significant investment of CAD$25 million (approximately USD$17.4 million) into the Solana ecosystem earlier this week.
Sol Strategies CEO Leah Wald said the company is strategically focused on scaling its business to the “next level” as the new year approaches. Wald expressed optimism about the Solana ecosystem, citing strong developer activity and widespread enthusiasm surrounding it. However, when it comes to approving a Solana-focused exchange-traded fund (ETF) in the United States, Wald remains skeptical.
“I think it’s quite a while before a SOL ETF gets approved,” Wald said. Drawing from his experience as a former ETF issuer, he explained the lengthy process required for regulatory approval. “During that time, you’re working with regulatory staff and focusing on education. This gives potential issuers a year to educate staff, get them up to speed on what Solana really is, and allow for additional maturity in the ecosystem,” he added.
Wald believes Canada is more likely to approve a Solana ETF before the U.S., pointing to 3iQ, a Canadian issuer with a track record of being ahead of its U.S. counterparts in the cryptocurrency ETF space.
When asked about the regulatory environment in the U.S., Wald pointed to the uncertainty surrounding leadership at the Securities and Exchange Commission (SEC). He warned against sudden approval of crypto ETFs, saying regulators need to understand the details of individual assets like Solana and Ripple before making broad decisions.
“If the new SEC chairman comes in and says, ‘OK, all crypto ETFs are approved overnight,’ I think that’s dangerous,” Wald said, advocating a more deliberate approach that involves dialogue between regulators and potential issuers to ensure thoughtful policymaking.
*This is not investment advice.
