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Cryptocurrency News Articles
BKCM CEO Brian Kelly Predicts Solana (SOL) Could Be the Next Cryptocurrency With a Spot ETF in the U.S.
May 23, 2024 at 04:36 pm
Kelly said that Solana is ranking alongside Bitcoin (BTC) and Ethereum (ETH) as one of the leading cryptocurrencies for this market cycle
BKCM CEO Brian Kelly recently predicted on CNBC’s “Fast Money” that Solana (SOL) could be the next cryptocurrency to get a spot exchange-traded fund (ETF) in the United States.
Kelly's prediction comes amid growing interest in cryptocurrencies and anticipation of the SEC’s decision regarding proposed spot Ether ETFs.
Here are some key points from Kelly's statement:
Solana is ranking alongside Bitcoin (BTC) and Ethereum (ETH) as one of the leading cryptocurrencies for this market cycle. However, Kelly's bold prediction immediately faced some pushback from industry experts, citing several significant regulatory and market challenges.
The SEC has classified Solana as a security, which was invoked in lawsuits against major exchanges like Coinbase and Kraken. This fact complicates its pathway to approval.
Also, unlike BTC and ETH, which currently have only futures ETFs but not spot ETFs, Solana does not have this crucial market infrastructure.
ETF analyst James Seyffart of Bloomberg Intelligence added that the crypto either needs a Solana futures product listed on the Chicago Mercantile Exchange or a robust cryptocurrency regulatory framework by Congress for any spot ETF to be listed.
Currently, Bitcoin and Ether are the only two cryptocurrencies with approved futures ETFs in the U.S. The leading ETF issuers have also expressed little interest in launching ETFs beyond the two digital assets. BlackRock, a prominent ETF issuer, has stated that it has no plans to launch ETFs for other altcoins, including Solana.
Despite those regulatory challenges, the demand for a Solana ETF appears to be strong. Seyffart believes that the interest from investors, outside of Bitcoin and Ether, would be enormous for Solana.
However, these legal hurdles could make this a very long, rocky road. Nate Geraci, president of The ETF Store, supported Seyffart's assessment, saying that there probably wouldn't be a spot Solana ETF without the futures market and clearer rules. He said that Congress needs to institute a legitimate regulatory framework for cryptocurrencies before such a product stands any chance of approval.
Some industry experts have contrarian views on Kelly's prediction. Adam Cochran, a partner at Cinneamhain Ventures, believes that Litecoin (LTC) or Dogecoin (DOGE) might be the next cryptocurrencies to get ETF approval due to their simpler regulatory profiles.
Both Litecoin and Dogecoin operate on a proof-of-work consensus mechanism, similar to Bitcoin, which may make their regulatory pathways less contentious.
The market climate is always fluid, and the SEC's position could change with the continued regulation coming out. The decision for spot Ether ETFs will be a huge one, possibly paving the way for an approval of ETFs for other digital assets, including Solana.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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