Solana shouldn’t be approved as an ETF because its centralized beginnings and insider-heavy token distribution make it more like a security than a decentralized asset. A significant percentage of SOL’s supply was allocated to the founders, venture capital firms, and early insiders, giving them heavy control over the network and its price movements. This has created opportunities for insiders to profit at the expense of retail investors. SOL has previously been called a security by the SEC in lawsuits and acts as one. Approving an ETF for an asset with this level of centralization would set a dangerous precedent and expose investors to significant risks.