The launch of a Solana (SOL)-based exchange-traded fund (ETF) appears closer to fruition in Canada than in the United States, according to Leah Wald, CEO of Sol Strategies, a company seeking the continued development of the Solana network and its ecosystem through its private equity activities and financial markets.
Wald explained that, although expectations are high, the process in the United States will require more time due to the need to work closely with and educate regulators about the Solana ecosystem.
Currently, four companies have requested authorization to issue a solana ETF in the United States: VanEck, Canary Capital, 21Shares, WisdomTree and Grayscale.
However, Wald noted that approving all ETFs “overnight” would be a risky move. For her, Ideally, regulators take the time necessary to understand the particularities of each cryptocurrency and collaborate with potential issuers before issuing an approval.
This approach, Wald argues, helps ensure a more robust and well-informed regulatory framework. As the former boss and co-founder of Valkyrie Investments, a firm that already operates a bitcoin ETF in the United States, Wald is intimately familiar with the dynamics between issuers and regulators.
Canada takes the lead
While the United States moves forward slowly, Canada could be the first country in North America to launch a solana ETF, the executive says.
Wald highlighted that 3iQa Canadian broadcaster, could be the first to issue a SOL financial instrument. He notes that he is “always ahead of the United States” in approving cryptocurrency-related financial products.
This aligns with the experience of other markets such as Brazil, where a solana ETF managed by QR Asset and Vortx has been listed since 2024 on the B3 stock exchange in Sao Paulo, as reported by CriptoNoticias.
Leadership change at the SEC
Another factor that could influence the approval of ETFs in the United States is the upcoming change in leadership at the Securities and Exchange Commission (SEC).
Paul Atkins, nominated for president by Donald Trump, has openly expressed his support for the cryptocurrency industry. Although this position could speed up certain processes, Wald warned that sudden massive approval could be counterproductive.
The future of solana ETFs remains uncertain in the United States, but Canada appears to have the upper hand in this process. The interaction between issuers and regulators will be key to determining the success of these products in both countries. Meanwhile, markets like Brazil are already making progress in integrating solana into their stock exchanges, making it clear that the competition to lead in financial innovation is underway.
