Jake Chervinsky, chief legal officer of Variant Fund, said: "My guess is that the Securities Exchange Commission will reject the SOL ETF application on the grounds that there is a lack of futures market." Hasseb Qureshi, partner at Dragonfly Capital, said there was a better case for BTC and ETH-based ETFs to meet the SEC's market monitoring requirements because the futures market for these assets is already well developed, but without a listed futures market, the market monitoring standards cannot be met.