After the approval of spot Bitcoin and Ethereum ETFs in the USA, attention is turning to the next potential altcoin for an ETF, with Solana (SOL) emerging as a leading candidate. Despite discussions about other altcoins like XRP and Litecoin (LTC), SOL appears to be the frontrunner.

Bloomberg ETF analyst James Seyffart commented on a video where CNBC Fast Money trader and crypto investor Brian Kelly suggested Solana ETFs would follow Ethereum. Seyffart believes that a Solana ETF would be more in demand than other altcoin ETFs, except for those of Bitcoin and Ethereum. He stated that a Solana ETF could materialize within a few years after the establishment of a CFTC-regulated futures market, although legislative measures like the FIT21 bill could expedite this process.

However, Seyffart pointed out a significant obstacle: the SEC has labeled Solana as a security in lawsuits against Coinbase, Kraken, and others, unlike Ethereum. This legal classification could complicate and delay the approval process for Solana ETFs, making it a challenging path forward.