US President Donald Trump recently signed an executive order to advance the cryptocurrency industry. That ambitious decision could significantly impact the growth of Solana ($SOL), a popular blockchain network, as well as prompt people to consider launching a Solana based ETF (Exchange Traded Fund).
What’s in the Executive Order?
The order also creates a special team to be overseen by Trump’s ‘Crypto Czar,’ David Sacks, along with the Treasury Secretary, SEC Chair, and ‘other senior administration officials and advisors.’ Their goal? This is done in order to create rules that help cryptocurrency innovation. They are also considering building up a national cryptocurrency stockpile of top U.S. made digital assets like Solana.
Also, interestingly, this is the order that blocks any development of Central Bank Digital Currencies (CBDCs) in the U.S., which positions the order as a pro-crypto one. Agencies of government are also supposed to review current laws to see if they’re impeding the crypto industry, and by giving our sights at least 60 days to submit proposals.
How Does This Help Solana?
Luckily, Solana is already one of the fastest and most efficient blockchains in market in existence. Recently, it hit a huge milestone: Stablecoin trading on its network was worth $10 billion. Trump’s team has just launched their $TRUMP meme coin on Solana, making hints about tax breaks for U.S.-based coins such as $SOL, which may get even more awareness and adoption to the network.
Solana also has an early investor in David Sacks, who’s leading their new crypto working group. Although this shouldn’t impact decisions directly, it signals a possible positioning for the Solana in the administration’s crypto strategy.
What About SOL ETFs?
If you don’t want to buy cryptocurrencies directly, an ETF allows people to invest in those assets. Trump’s order doesn’t name ETFs specifically, but the positive noise surrounding Solana and its expanding use case puts it in excellent placement to be a future ETF. If the momentum continues, analysts say that Solana’s price could reach new highs, potentially getting even over $500 by mid-2025.
The Bigger Picture
Crypto rules aren’t changed overnight by Trump’s executive order. It is believed that the U.S. government is dedicated to collaborating with the crypto industry to provide specific, empowering laws. For Solana this could become more growth and adoption, or even an ETF.
In short, this is good news for Solana and the U.S.-based cryptocurrencies as they both work towards charting the future of digital assets.
Also read: Ethereum Gets Wall Street Sales Force: Can ‘Etherealize’ Boost ETH Price?
