Solana
What Industry Leaders Are Saying About the Solana Spot ETF
As the U.S. Securities and Exchange Commission (SEC) moves forward in approving Ethereum spot exchange-traded funds (ETFs), industry executives question whether Solana is the next potential candidate.
Indeed, many experts believe that Solana could be next in line for an ETF, given its growing importance in the cryptocurrency market.
Is a Solana Spot ETF Next?
SEC Chairman Gary Gensler announced that spot Ethereum ETFs should be launched this summer. Gensler highlighted positive progress in the final approval process, with final registration requirements being handled at the staff level.
With this development, investors are eager to see which cryptocurrency will follow Ethereum’s lead.
“You have to think of Solana as probably next. Bitcoin, Ethereum and Solana are probably the three biggest this cycle,” CNBC anchor Brian Kelly said. declared.
Joe McCann, CEO of Asymmetric, echoes this sentiment, believing that interest in Solana comes from those who missed the earlier success of Ethereum.
“I think Solana will probably be next… there’s actually some interest in Solana, mainly because people missed trading Ethereum over the last cycle,” McCann commented.
Meanwhile, Anthony Pompliano, an investor at Pomp Investments, detailed its strategic move from Ethereum to Solana. Despite this change, he noted that discussions on Solana ETF among regulators have not yet gained traction.
“I sold Ethereum late last year, early this year, whatever it was, and bought Solana instead. It was really a decision as I think Solana is going to outperform Ethereum in the future. So far I think that’s been true, but I’m not hearing about a Solana ETF in the U.S.,” Pompliano said.
Learn more: Solana vs Ethereum: An Ultimate Comparison
However, not everyone is convinced that a Solana ETF should be immediately approved. This cautious approach highlights the regulatory challenges Solana faces.
“No Solana ETF until Solana traded by CME eventually exist or Congress puts in place a legitimate crypto regulatory framework… The Crypto ETF faucet was turned off for a while after the one-time approval of the Ethereum ETF,” Nate Geraci, President of the ETF Store, declared.
James Seyffart, research analyst at Bloomberg, provided a deeper look at the potential timeline.
“[A Solana ETF] this will happen a few years after we get a CFTC regulated futures market… I think a Solana ETF would see the most demand compared to other digital assets. But the SEC isn’t circling Solana’s status like it has Ethereum. These lawsuits against Coinbase, Kraken and others flatly say: “Solana is a security“, noted Seyffart.
Learn more: 6 Best Platforms to Buy Solana (SOL) in 2024
Under the watchful eye of market analysts, the potential of an ETF remains a subject of debate. Nevertheless, Polymarket, a prediction market, reports there is a 7% chance of getting approval for a Solana spot ETF in 2024. The betting pool of just over $192,000 suggests the proposition is not yet attractive to speculators.
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