Solana
Which one will get an ETF first?
The US Securities and Exchange Commission (SEC) approved two types of cryptocurrency ETFS (Exchange Traded Funds) this year. The financial watchdog approved Bitcoin (BTC) spot ETFs in January and Ethereum (ETH) spot ETFs earlier this month. The development has opened up discussion about which cryptocurrency will next receive an ETF, Solana (SOL), Ripple’s XRP or something else.
Also Read: SEC Approves All Spot Ethereum ETFs
Speaking to CNBC, BKCM founder Brian Kelly said Solana (SOL) could be the next cryptocurrency to receive ETF approval. Kelly called Bitcoin, Ethereum and Solana the big three of this cycle.
Also read: Solana: Anthony Scaramucci predicts the next SOL ETF
Bloomberg analyst James Seyffart agreed with Kelly. Seyffart believes that a SOL ETF will be in higher demand than other digital assets except BTC and ETH. Seyffart said the Financial Innovation and Technology for the 21st Century (FIT21) Bill will accelerate the launch of SOL ETF. Additionally, Seyffart believes a SOL ETF will debut after a few years of the CFTC-regulated futures market.
Will the Solana ETF Debut Before the XRP ETF?
According to Seyffart, Ripple’s ongoing lawsuit with the SEC poses an obstacle for an XRP ETF this year. Nevertheless, Ripple CEO Brad Garlinghouse is confident that the SEC will approve an XRP ETF. Garlinghouse points out that XRP and BTC are the only cryptocurrencies with clear regulation.
Also Read: Ripple CEO Hints at Spot XRP ETF
According to Geoffrey Kendrick, head of cryptocurrency and emerging market currencies research at Standard Chartered, it’s only a matter of time before the SEC approves more crypto ETFs. According to Kendrick, Solana (SOL) and XRP are among the top picks likely to gain regulatory approval for an ETF. Kendrick also notes that the SEC likely does not consider cryptocurrencies similar to ETH, such as XRP, to be securities due to their primary technological similarities.