Franklin

Solana

James

Crypto investor and CNBC ‘Fast Money’ trader Brian Kelly sparked debate on Crypto X on Wednesday after suggesting that Solana <a href="https://cointelegraph.com/solana-price-index">(SOL)</a> could be the next cryptocurrency to get a spot exchange-traded fund (ETF) in the United States. 
Kelly made the prediction during the CNBC post-market talk show&nbsp;Fast Money on May 22, a day before the Securities and Exchange Commission is due to decide on at least one proposed spot Ether <a href="https://cointelegraph.com/ethereum-price">(ETH)</a> ETF.
<blockquote class="twitter-tweet">
 Oh weird <a href="https://twitter.com/CNBC?ref_src=twsrc%5Etfw">@cnbc</a> says <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a> is the next ETF. Hmm, where have I heard that before... <a href="https://t.co/aYAedMhcM0">pic.twitter.com/aYAedMhcM0</a>— ◢ J◎e McCann (@joemccann) <a href="https://twitter.com/joemccann/status/1793405795591479609?ref_src=twsrc%5Etfw">May 22, 2024</a>
</blockquote> 
“The trade now is, who’s next,” asked Kelly, who is also the founder and CEO of the BKCM Digital Asset Fund:
<blockquote>
 “You’ve got to think about Solana as probably the next one. Bitcoin, Ethereum and Solana are probably the big three for this cycle.”
</blockquote>
Some industry observers didn't agree with Kelly's prediction.
Nate Geraci, president of The ETF Store, <a href="https://x.com/NateGeraci/status/1793426041693938163" target="_blank" rel="noopener nofollow">believes</a> a spot Solana ETF won’t exist until a Chicago Mercantile Exchange-traded Solana futures product is listed or Congress puts a legitimate cryptocurrency regulatory framework in place.
Only Bitcoin <a href="https://cointelegraph.com/bitcoin-price">(BTC)</a> and Ether <a href="https://cointelegraph.com/ethereum-price">(ETH)</a> futures have been approved in the U.S. to date.
Bloomberg ETF analyst James Seyffart <a href="https://x.com/JSeyff/status/1793410731289067601" target="_blank" rel="noopener nofollow">shared</a> Geraci’s view, noting such a development would take place “within a few years” of getting a Commodity Futures Trading Commission-regulated market. 
Seyffart believes a spot Solana ETF would see more demand than every digital asset outside of Bitcoin and Ether.
However, Seyffart also <a href="https://x.com/JSeyff/status/1793411966071177285" target="_blank" rel="noopener nofollow">highlighted</a> that Gary Gensler and the SEC have flagged Solana as a security in previous Coinbase and <a href="https://cointelegraph.com/news/sec-sues-kraken-for-securities-laws-violations">Kraken lawsuits,</a> which could complicate things for potential future applicants.
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 <img src="https://s3.cointelegraph.com/uploads/2024-05/f187152d-e984-4d1a-ba88-2c41f21f170a.jpg">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/JSeyff/status/1793411966071177285" target="_blank" rel="noopener nofollow">James Seyffart</a>
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</figure>
Cinneamhain Ventures partner Adam Cochran had a contrarian view, who <a href="https://x.com/adamscochran/status/1793415084901126253" target="_blank" rel="noopener nofollow">believes</a> either Litecoin <a href="https://cointelegraph.com/ltc-price-index">(LTC)</a> or Dogecoin <a href="https://cointelegraph.com/doge-price-index">(DOGE)</a> will be the next coin to be included in a spot ETF instead. 
“Much lower demand, but cleaner paths,” Cochran said. Both Litecoin and Dogecoin are powered by a proof-of-work consensus mechanism like Bitcoin.
Related: <a href="https://cointelegraph.com/news/franklin-templeton-ceo-etfs-mutual-funds-blockchain">Franklin Templeton CEO says all ETFs and mutual funds will be on blockchain</a>
Few ETF issuers have voiced the prospect of filing for a spot Solana ETF.
However, trillion-dollar asset management firm Franklin Templeton recently praised Solana and one of its founders, Anatoly Yakovenko, sparking speculation about whether the firm would <a href="https://cointelegraph.com/news/franklin-templeton-raises-hope-spot-solana-etf-lauds-network">consider filing a spot Solana ETF</a> application in the future.
Bitwise’s chief investment officer, Matt Hougan, predicted Solana would be the “crypto asset of 2024” and recently explored real-world use cases on the network that institutions could tap into.
Magazine: <a href="https://cointelegraph.com/magazine/bitcoin-etf-coinbase-honeypot-hackers-government-trezor-ceo/">Bitcoin ETFs make Coinbase a ‘honeypot’ for hackers and governments: Trezor CEO</a>

CNBC Fast Money trader says Solana ETFs ’probably’ next, sparking debate

Cointelegraph

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