After the Ethereum spot ETF will there be the Solana ETF?
Sharing on the CNBC program, BKCM CEO Brian Kelly commented that Solana could be the next approved crypto ETF.
The CEO shared:
"It's not the time when it's approved, what we need to pay attention to is the next moves of the market."
When asked about which crypto ETF will receive the "nod of approval" next, Mr. Brian Kelly replied that it is highly likely to be Solana. According to him, Bitcoin, Ethereum and Solana are the three major ecosystems on the market today. Nowadays, ETF SOL easily receives the most attention.
If the SOL ETF is considered, Robinhood and Coinbase will be the two names that gain the most. As it stands, these are the two platforms that account for the majority of SOL trading volume in the US.
However, unlike BTC or ETH, SOL does not yet have a futures ETF and is classified as a security by the SEC. So this seems to have less feasibility when compared to Bitcoin or Ether ETFs.
52 tokens were declared securities by the SEC
A leading ETF issuer also said they are not interested in launching ETFs other than BTC or ETH at the present time.
Bloomberg analyst James Seyffart said the process is that the Solana futures ETF must first be approved by the CFTC, and then consider the spot ETF. This process can take up to several years.
The FIT21 bill recently passed by the House of Representatives will likely push the timeline, but in general, the path to ETF SOL is still "thorny".