Variant Fund Chief Legal Officer: U.S. SEC May Reject SOL ETF Application for Lack of Futures Markets

Jake Chervinsky, Variant Fund's chief legal officer, said: "My guess is that the SEC will reject the SOL ETF application on the basis of the lack of a futures market." For his part, Hasseb Qureshi, a partner at Dragonfly Capital, said that there are better reasons to justify BTC and ETH-based ETFs to meet the SEC's market surveillance requirements, as there is already a well-developed market for trading the future of these assets, but it would not be possible to meet the market surveillance standards without a listed futures market.