On Wednesday this week, while talking about Crypto X, Brian Kelly suggested during his debate that after Bitcoin and Ethereum, SOL can be the next to get a spot Exchange Traded Funds in the United States.
On May 22, during a CNBC talk show on fast money, Kelly concluded his prediction about Solana. This happened just a day before when the SEC was about to decide on spot Ethereum Exchange Traded Funds (ETFs).
“The trade now is, who’s next,” Kelly stated, who is also a founder of BKCM Digital Asset Fund.
You’ve got to think about Solana as probably the next one. Bitcoin, Ethereum, and Solana are probably the big three for this cycle.
There are many conflicts with Kelly’s prediction.
According to Nate Geraci, president of the ETF store, a spot Solana ETF won’t be available until either the Chicago Mercantile Exchange lists a Solana futures product or Congress establishes clear cryptocurrency regulations.
He further said that only Bitcoin and Ethereum ETFs are approved in the United States.
Bloomberg ETF analyst James Seyffart agreed with Geraci, noting that this development would occur “within a few years” after making amendments to market regulations by the Commodity Futures Trading Commission.
Seyffart assumes that if Solana ETFs get approved. They will attract more funds from all existing digital assets except BTC and ETH.
He highlighted a lawsuit between Coinbase and Kraken in which Gary Gensler and the SEC used Solana as a security. This will make the Solana ETFs path difficult for approval.
Adam Cochran, a partner at Cinneamhain Ventures, had a different opinion. According to him Doge or Litecoin will be the next to get spot ETFs.
“Much lower demand, but cleaner paths,” Cochran said. He relates both coins to Bitcoin as they all have a proof-of-work mechanism. Few ETF issuers have mentioned the possibility of applying for a spot in Solana ETF.
Franklin Templeton recently said good things about Solana and one of its founders, Anatoly Yakovenko. This made people wonder if they might apply to make a Solana ETF in the future.
Bitwise’s chief investment officer, Matt Hougan, believes Solana will be the biggest crypto asset in 2024. He recently examined practical uses of the network that institutions could benefit from
