Jake Chervinsky, Chief Legal Officer of Variant Fund, predicts that the U.S. Securities and Exchange Commission (SEC) may reject the SOL ETF application citing the lack of a futures market. Hasseb Qureshi, Partner at Dragonfly Capital, points out that compared to BTC and ETH-based ETFs, SOL's futures market is not as developed, which may not meet the SEC's market surveillance standards.

Odaily Planet Daily News Variant Fund's Chief Legal Officer Jake Chervinsky stated: "I speculate that the U.S. Securities and Exchange Commission will reject the SOL ETF application on the grounds of a lack of futures market." Hasseb Qureshi, Partner at Dragonfly Capital, mentioned that there are better reasons to prove that BTC and ETH-based ETFs meet the SEC's market surveillance requirements because the trading of these assets in the future markets is already well developed. However, without a listed futures market, it is impossible to meet the market surveillance standards. (theblock)

The SEC may reject the SOL ETF application due to the lack of futures market.