24-05-24 20:01 It takes 9 minutes to read this article AI Summary See Summary

Compiled by Joyce, BlockBeats

Editor's note:

In the early morning of May 24, the U.S. Securities and Exchange Commission approved the 19b-4 forms of multiple Ethereum spot ETFs, including ETFs from BlackRock, Fidelity and Grayscale. The approval of the Ethereum spot ETF can be seen as the second milestone in the crypto industry after the Bitcoin ETF, reflecting the growing impact of the crypto market on the traditional financial world.

After the approval of the Ethereum spot ETF, Geoffrey Kendrick, head of foreign exchange and digital asset research at Standard Chartered Bank, said that the approval of the Ethereum ETF implies that ETH and similar tokens are not considered securities by the SEC. Given that the core technology in multiple cases is very similar to ETH, it is difficult for the SEC to claim that they are securities, and other cryptocurrency ETFs may be approved in 2025. After Ethereum, which cryptocurrency will be the next to be approved for a spot ETF? There are different voices in the community.

DLnews reported that the CNBC host viewed SOL as the "next cryptocurrency ETF" and summarized the opinions of several crypto community experts on the possibility of SOL ETF passing. UNCHAINED host Laura Shin also organized a discussion on this issue. In addition to SOL, Dogecoin, Litecoin, and XRP are also within the scope of community speculation.

BlockBeats compiled the two reports as follows:

CNBC host Brian Kelly said on the show on Wednesday: "You have to consider Solana may be the next one."

Doura Labs CEO Michael Cahill said in an interview: "Technically, the Solana ETF has similar uncollateralized features to the ETH tool under review and should not cause reasonable objections." "Given the activity of market makers, I think the listing rate of the SOL ETF will exceed 75% this year and more than 95% next year."

Polymarket, a prediction market closely watched by cryptocurrency investors, reported that the probability of Solana spot ETF being approved in 2024 is 7%. The betting pool is also small, with only more than $100,000. This suggests the proposal isn’t attractive enough for speculators.

ETF Institute co-founder and ETF Store president Nate Geraci is similarly pessimistic. At least not until the market sees Solana futures contracts.Long before the spot Bitcoin ETF was approved, Bitcoin futures contracts were approved for trading on the Chicago Mercantile Exchange, one of the world's largest derivatives exchanges. The same is true for Ethereum. Geraci also said that Congress must approve a clear regulatory framework for digital assets in the United States before approving the Solana ETF.

Joe McCann, founder, CEO and CIO of Asymmetry, who calls himself Solana maxi, believes that Solana is the most likely candidate. "Bitcoin, Ethereum and Solana may be the three giants of this cycle." Joe McCann said that given SOL's position in the market, it must be ready. He pointed out that despite some regulatory uncertainties, Solana has attracted strong interest from the crypto community and traditional financial fields. Many investors believe that Solana is a promising alternative, especially for those who missed the Ethereum boom.

However, not everyone agrees.

Although Bloomberg Intelligence research analyst James Seyffart acknowledged that the "greatest demand" can be seen on SOL, he believes that Dogecoin or Litecoin may be more likely to gain recognition.

Noting that the SEC has only hinted at considering ETH a security, he tweeted: "Those lawsuits against COIN and Kraken et al say straight out 'Solana is a security' lol. That could easily make this a bumpy road." (SOL was designated a security by the SEC in lawsuits against Coinbase, Kraken and Binance.US.)

Seyffart stressed the importance of a regulated futures market, a key consideration for the U.S. Securities and Exchange Commission (SEC) when approving ETFs. "I don't think Solana is coming anytime soon," he said. "Dogecoin. Seyffart also mentioned that the outcome of the ongoing lawsuit against XRP could affect its chances$ETH bullish