Bitcoin

CNBC Sparks Debate Over Whether A Spot Solana ETF Might Be Next

Published

6 months ago

May 27, 2024

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CNBC’s Quick Cash present sparked a debate over whether or not a spot Solana ETF (exchange-traded fund) may very well be subsequent to launch within the US.

“The commerce now’s, who’s subsequent,” mentioned Brian Kelly, founding father of crypto funding agency BKCM, in an look on the present. “You’ve bought to consider Solana as in all probability the following one. Bitcoin, Ethereum, and Solana are in all probability the large three for this cycle.”

🚨LATEST: @CNBC Visitor believes $SOL ETF in all probability be Subsequent as #Bitcoin , Ethereum and Solana are Massive 3 of this cycle pic.twitter.com/jaq10qeJeo

— SolanaFloor (@SolanaFloor) May 22, 2024

Kelly’s prediction comes amid rising market optimism that the US Securities and Change Fee (SEC) will approve a spot ETH ETF. The regulator is going through the ultimate deadline for the VanEck spot Ether ETF utility on Might 23, at this time.

Crypto Group Says A Solana ETF Faces A ”Rocky Street”

Kelly’s prediction has been met with some push again from the crypto neighborhood. Bloomberg ETF analyst James Seyffart mentioned that the SEC has categorically labeled Solana as a safety in lawsuits in opposition to Coinbase and Kraken, making any approval of a spot SOL ETF a “very rocky highway.”

However SEC is not dancing round SOL’s standing like they’ve ETH. These lawsuits in opposition to COIN and Kraken and others flat out say “Solana is a safety” lol. Which may very simply make this a really rocky highway

— James Seyffart (@JSeyff) May 22, 2024

Not like Ethereum, Solana additionally lacks a futures product listed within the US, and the ETF Retailer’s Nate Geraci says that lowers the chance of a Solana ETF launching any time quickly.

Seyffart added {that a} SOL ETF might take a number of years, but additionally mentioned Solana ETFs would appeal to excessive demand.