Key Takeaways:
- Brian Kelly suggested Solana (SOL) might be the next cryptocurrency to get a spot ETF in the U.S.
- Experts debated this, citing regulatory challenges and the need for a clear framework.
- Bitwise’s CIO Matt Hougan predicted Solana as the “crypto asset of 2024” due to its institutional use cases.
Brian Kelly, a crypto investor and CNBC “Fast Money” trader, suggested that Solana (SOL) could be the next cryptocurrency to receive a spot exchange-traded fund (ETF) in the United States.
He made this prediction on May 22, ahead of the SEC’s decision on a proposed spot Ether (ETH) ETF.
JUST IN: CNBC discusses the possibility of a spot Solana ETF being approved after Ethereum. pic.twitter.com/XaolEJlkoL
— Watcher.Guru (@WatcherGuru) May 22, 2024
Kelly’s view sparked a debate, with some experts disagreeing. Nate Geraci of The ETF Store argued that a spot Solana ETF won’t exist until a CME-traded Solana futures product is listed or Congress establishes a clear regulatory framework.
Bloomberg’s James Seyffart agreed, predicting such a development within a few years of establishing a CFTC-regulated market.
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
He noted that the SEC’s previous classification of Solana as a security could pose challenges.
Cinneamhain Ventures’ Adam Cochran suggested Litecoin (LTC) or Dogecoin (DOGE) might be more likely candidates for a spot ETF due to their cleaner regulatory paths.
Despite few ETF issuers expressing interest, Franklin Templeton’s praise of Solana has led to speculation about a potential filing.
Bitwise’s CIO, Matt Hougan, predicted Solana as the “crypto asset of 2024,” highlighting its real-world use cases for institutions.
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