In a recent appearance on CNBC's Fast Money, investment firm BKCM CEO Brian Kelly suggested that if the SEC approves spot ether exchange-traded funds, Solana ETFs would be next in line. . However, the catch is that there are currently no futures ETFs linked to SOL, while Bitcoin and Ethereum already have them.
“There is a possibility that Solana will become one of the top three cryptocurrency exchange-traded funds behind Bitcoin and Ethereum,” Kelly said.
Bloomberg ETF analyst James Seyffart commented on his words on the social network X, writing that the US Commodity Futures Trading Commission (CFTC) could speed up this process by approving SOL futures ETFs. A serious obstacle to the emergence of this investment product is the fact that in lawsuits against the cryptocurrency exchanges Coinbase and Kraken, another regulator, the SEC, classifies SOL as a security. According to Seyffart, this could greatly delay the prospects of launching exchange-traded funds on Solana.
But SEC isn't dancing around SOL's status like they have ETH. Those lawsuits against COIN and Kraken and others flat out say “Solana is a security” lol. Which could very easily make this a very rocky road
— James Seyffart (@JSeyff) May 22, 2024
Bitwise Investment CEO Hunter Horsley believes that there is no need to launch separate ETFs for other altcoins right now. He explained that the Bitwise 10 Crypto Index Fund already provides investors with access to Bitcoin, Ether, SOL and other leading crypto assets.
Previously, Matrixport co-founder Daniel Yan also expressed confidence that Solana is the next candidate to launch a spot exchange-traded fund, so he invited his subscribers to invest in it instead of ether.
Source: Bits
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