Leah Wald, CEO of Sol Strategies Inc., told Blockworks that she is skeptical about the approval of a Solana ETF in the United States in the near future.

Despite growing interest in Solana and its ecosystem, Wald believes regulatory challenges and the evolving leadership at the SEC will delay any immediate greenlight for such a product.

“I think there’s quite a while until a SOL ETF gets approved,” Wald told Blockworks, noting that educating regulators about Solana’s unique attributes could take a year or more.

Wald also noted to Blockworks that Canada is more likely to approve a Solana ETF before the US. She pointed to Canadian issuer 3iQ, which has historically been ahead of the US in crypto-related approvals.

“Canada has consistently led the way in ETF innovation, and I expect they’ll do so again with a Solana ETF,” she said.

The CEO also addressed the potential impact of Paul Atkins replacing Gary Gensler as SEC Chair.

She acknowledged that while the leadership change could lead to a more crypto-friendly regulatory environment, she cautioned against rushing approvals.

Wald explained that if the new SEC Chair were to approve all crypto ETFs overnight, it could be a risky move.

She emphasized the need for a measured approach to ensure regulators have a thorough understanding of the merits and risks associated with individual crypto assets.