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Home»TRADING NEWS»Speculation about a potential Solana ETF is heating up following comments from a CNBC trader
TRADING NEWS

Speculation about a potential Solana ETF is heating up following comments from a CNBC trader

By Crypto FlexsMay 23, 20243 Mins Read
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Speculation about a potential Solana ETF is heating up following comments from a CNBC trader
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The cryptocurrency community is abuzz with speculation after CNBC’s ‘Fast Money’ trader and renowned cryptocurrency investor Brian Kelly hinted that the Solana (SOL) cash exchange-traded fund (ETF) could soon launch in the United States. The statement sparked debate among industry experts and investors about the feasibility and timing of such a development.

Brian Kelly promotes Solana to “Big 3” status

On CNBC’s postmarket show ‘Fast Money’ on May 22, Kelly discussed the future of cryptocurrency ETFs, singling out Solana as one of the “big three” of this cycle, along with Bitcoin and Ethereum. His comments come as the Securities and Exchange Commission (SEC) prepares a decision on an Ethereum (ETH) spot ETF.

“The deal now is, who’s next?” “Solana is probably the next trader,” Kelly suggested, posing for viewers and weighing in on ETF considerations.

Ah, that’s strange @cnbc Called $SOL This is the next ETF.

Hmm, I’ve heard that somewhere before… pic.twitter.com/aYAedMhcM0

— ◢ J◎e McCann 🧊 (@joemccann) May 22, 2024

Opinions from industry experts

Kelly’s prediction sparked excitement, but some industry observers were skeptical. Nate Geraci, president of The ETF Store, argued that there is little chance of a physical Solana ETF without the prior establishment of a Solana futures product traded on the Chicago Mercantile Exchange or a robust regulatory framework from Congress. Currently, only Bitcoin and Ethereum futures are approved in the United States.

James Seyffart, an ETF analyst at Bloomberg, agreed with Geraci and estimated that these developments could be years away. He also noted that while the physical Solana ETF is likely to attract significant interest, it could also run into regulatory issues. Especially since SEC Chairman Gary Gensler has previously designated Solana as collateral in legal actions against platforms like Coinbase and Kraken.

However, the SEC does not dance around SOL’s status like ETH does. The lawsuit against COIN and Kraken and others asserts that “Solana is a security” lol. Then this road could very easily become a rocky road

— James Seyff (@JSeyff) May 22, 2024

Opposing views and broader implications

Adding another perspective, Adam Cochran of Cinneamhain Ventures said coins like Litecoin (LTC) or Dogecoin (DOGE) could be more viable candidates for the next spot ETF due to a “cleaner path” despite potentially lower demand. I suggested that there is.

The discussion was further fueled by a recent statement by Franklin Templeton, the CEO of a large asset management company, praising Solana’s potential. This led to speculation that Franklin Templeton might consider applying for the Solana ETF. This is especially true considering the company’s positive stance on the role of blockchain technology in the future of ETFs and mutual funds.

Matt Hougan, Chief Investment Officer at Bitwise, highlighted Solana’s promise by designating it as the “crypto asset of 2024” and exploring real-world applications that institutions can use.

The future of Solana and cryptocurrency ETFs

As the cryptocurrency industry continues to evolve, the Solana ETF idea is just one of many potential developments that could shape the market. With varying opinions and ongoing regulatory scrutiny, the path forward for Solana and other cryptocurrencies in the ETF space remains complex but interesting.

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