What's next for SOL after today's SEC decision on the Ethereum ETF? Short term and long term.
The Solana community believes that any outcome (approval or disapproval) for#ETHwill be positive for #SOL. The logic of their expectations is quite working:
- If Ethereum ETF is approved, then the next instrument in line is Solana ETF.
- If the Ethereum ETF is NOT approved, then#ETHhas no competitive advantage over#SOLand there is no point in buying only ETH among the top altcoins.
Ex-CEO of#BitMEXArthur Hayes generally stated that in the West, bankers “running the government” understood what needed to be done and will now approve any financial instruments based on cryptocurrencies for a simple reason - to concentrate, centralize as many crypto-assets as possible under their control. And this is also logical.
In general, the narrative “Solana is the next contender to launch an ETF” is already spreading massively across Western media. But this does not mean that you need to buy an asset for this event now, near historical highs.
On the#CNBCchannel (the top American media pushers of retail into the right positions) have already discussed the possibility of approving the spot Solana ETF after the approval of the Ethereum ETF.
#Matrixport co-founder Daniel Yang also stated that if spot Ethereum ETFs are approved, SOL could become the next contender for the launch of exchange-traded funds.
#Bloomberg ETF analyst James Seyffart, after watching the CNBC broadcast, believes that approval of the Solana ETF is unlikely in the near future. Although he does not exclude the possibility of approval in the future - we are not talking about the near future, but about the horizon of several years. Seyffart adds that if successful,#SOLwill be in the TOP 3 of interest for investors:
“This could happen within a few years of the introduction of a CFTC-regulated futures market. Bills (like FIT21) could speed up the process. I think the Solana ETF will enjoy the greatest demand compared to other digital assets (except BTC and ETH)."
Seyffart calls the key problem for the asset that in the SEC's assessment#SOLis clearly a security (this is written in the regulator's lawsuit against Coinbase and Kraken). With the same #ETH, the SEC is not so clear - they did not publicly call the asset a security.
And yes, #SOL, according to the classification in the FIT21 bill (which the SEC does not want to pass), refers to goods. But even if the FIT21 norms are fully approved, the exchange-traded fund sector will remain under the jurisdiction of the SEC.