Solana (CRYPTO:SOL) is actively pursuing approval for an exchange-traded fund (ETF) despite significant regulatory hurdles.
The absence of a regulated futures market for Solana and its classification as a security by the SEC present major obstacles.
Industry experts, including JPMorgan's Nikolaos Panigirtzoglou, express doubts about the likelihood of SEC approval due to ongoing regulatory uncertainties.
Betting markets also indicate low probabilities for a Solana ETF approval by the end of 2024.
Despite these challenges, Solana's community remains hopeful for a favorable regulatory outcome in the future.