Solana
Brian Kelly predicts Solana could be the next crypto ETF
Brian Kelly, founder and CEO of BKCM LLC, recently of opinion that Solana could be the next cryptocurrency to get its spot exchange-traded fund (ETF) in the United States.
“Bitcoin, Ethereum and Solana are probably the big three in this cycle,” Kelly added.
Ethereum ETF hopes
After the very successful launch of the Bitcoin ETF in January, it now appears that the SEC is close to approving Ethereum ETFs. The regulator’s last-minute reversal triggered a massive price surge.
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Although Kelly doesn’t know exactly when an Ethereum ETF will be approved by the SEC, he is confident it will happen at some point.
Little interest in altcoins
As reported by U.TodayRobert Mitchnick, head of digital assets at BlackRock, recently acknowledged that there was “little interest” in Ethereum and “very little interest” in other altcoins based on conversations with their clients.
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In January, BlackRock reportedly confirmed that he had no plans to launch an ETF for the XRP cryptocurrency.
That said, there are several Solana exchange-traded products (ETPs) in Europe.
Is Solana a security?
Last year, SEC lawsuits against Coinbase and Binance named the Solana token as collateral. The Solana Foundation strongly rejected this claim, saying that blockchain is decentralized.
The legal status of the token could significantly complicate the ETF approval process in the United States. Additionally, it is worth mentioning that Solana does not have a US futures ETF.