Ophelia Snyder, a prominent figure in the crypto world and co-founder of 21Shares, has shared her optimistic outlook on the future of crypto ETFs. This comes after her company, 21Shares, made a bold move by filing for a Solana ETF in the United States. These events, coupled with Snyder’s insights on the crypto market’s maturity and potential, are stirring discussions about the next phase of crypto ETF adoption and investment products.
21Shares Co-founder’s Bullish Market Outlook
Ophelia Snyder, President and Co-founder of 21Shares, has expressed optimistic views on the future of the crypto fund industry, suggesting it’s still in its early stages with significant growth potential ahead.
In a recent interview with bloomberg, Snyder emphasized that digital assets are becoming increasingly mainstream, recalling her own introduction to crypto in 2013 through a documentary her mother showed her. The documentary drew parallels between crypto and global trade, highlighting Bitcoin’s potential as a solution for maintaining the benefits of globalization without relying on a centralized monetary system.
Addressing the current state of cryptocurrency adoption, Snyder stated, “We are still early in the adoption cycle.” She pointed out the lack of intermediaries and limited accessibility on key platforms as indicators of the industry’s nascent stage.
Regarding Bitcoin’s future, Snyder remains hopeful about potential impact of the just concluded Bitcoin halving. She likened the event to rate cuts or rate increases in traditional economies, noting that such changes often take time to manifest their effects in the market.
Snyder’s insights come at a time of growing interest in cryptocurrency investments, with her company, 21Shares which recently filed an application to list a Solana ETF in the United States, following closely on the heels of competitor VanEck. The filing is based on the premise that Solana is not classified as a security under U.S. law. However, 21Shares has indicated it may withdraw the application if the SEC were to label Solana as a security, citing potential unwillingness to meet additional registration requirements.
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Global Landscape of Crypto Investments and Regulations
Snyder detailed the varying product offerings and regulatory environments across different regions. She noted that Europe has the most comprehensive range of crypto products due to its flexible regulatory framework, with 21Shares managing about 40 different products in the European market.
Snyder revealed that 21Shares manages over $3.5 billion in assets in the U.S. market, where they currently offer six products, including a spot Bitcoin ETF. The company is also working on bringing a spot Ethereum product to the U.S. market.
Addressing regional differences, Snyder emphasized that the recent approval of spot Bitcoin ETFs in the U.S. has had a global impact, removing a significant “regulatory overhang” on Bitcoin. This development has changed investor behavior and risk appetite across markets.
Snyder highlighted the stark regulatory differences between regions, noting that Europe has had clear crypto asset regulations for years. She praised Japan’s approach to crypto regulation and noted Hong Kong‘s recent progress in providing regulatory clarity for virtual asset providers.
While Snyder did not directly comment on the likelihood of a Solana ETF approval, her optimistic outlook on crypto ETFs has fueled speculation about potential new offerings in the space. As the cryptocurrency market continues to evolve, industry leaders like Snyder remain confident in its long-term prospects, despite current challenges and regulatory uncertainties.
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The post 21Shares Co-Founder Bullish On Crypto ETFs, Solana ETF Approval Imminent? appeared first on CoinGape.
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