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Home»Web 3»“Solana and Cardano are next in line for ETFs” – co-founder of Tether
Web 3

“Solana and Cardano are next in line for ETFs” – co-founder of Tether

2024-06-17No Comments2 Mins Read
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TL; DR

  • Over the past six months, Cardano has underperformed, while Solana has been labeled an unregistered security by the SEC. So while we’d love to see it, we’re not holding our breath.

Full story

You read that headline correctly.

Tether co-founder William Quigley (a great name) predicts that Solana and Cardano will be next for ETFs.

Why? Because “Wall Street is greedy.”

That’s not the worst analysis we’ve heard before… but it feels a little… strange.

Over the past six months, Cardano has underperformed compared to other major altcoins, while Solana has been labeled an unregistered security by the SEC.

(As much as we’d like to see it, Wall Street tends to avoid underperformance and red tape).

Regardless of the token in question, we have no hope whatsoever for new crypto ETFs each of the leading crypto projects in the near future.

Because in order to have a ‘spot’ ETF (where buyers buy shares in a fund, then the fund uses it to buy crypto), the cryptocurrency must first have a futures ETF (where speculators can bet on the future price of the cryptocurrency, without the fund that actually buys/holds the coins/tokens).

That alone takes quite some time.

Then the SEC will want the futures ETF to be traded for a year or more to ensure it is free from manipulation.

And even then, they can sit on their hands and reject spot ETF applications based on minor technicalities if they so choose.

Our estimate is therefore:

Yes, many of the major cryptocurrencies will have US-based spot ETFs, which will attract new investment and (hopefully) drive up prices.

See also  We have to do better. Web3 must deliver on its promises by 2024.

…but it will take some time.

Wall Street’s greed will have to battle against the SEC’s slow and grudging adoption of crypto.

And if the bear market hits in the next twelve to eighteen months (as expected), Wall Street’s obsession with crypto will likely wane until business picks up again.

Patience is a virtue 🧘

Source link

Cardano cofounder ETFs Line Solana Tether
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