Ethereum

Solana

Bitcoin

<p>Amid the strong and growing optimism surrounding the approval of the <a href="https://coingape.com/breaking-sec-files-updates-for-blackrock-fidelity-and-other-ethereum-etfs/" target="_blank" rel="noopener">spot Ethereum ETF</a>, the ball has started rolling demanding similar products for other altcoins like Solana. Market analysts have been stating that the approval of the spot Ethereum ETF can lead to a snowball effect.</p> 
<h3 id="chorus-for-spot-solana-etf-grows">Chorus for Spot Solana ETF Grows</h3> 
<p>In a recent appearance on CNBC, BKCM CEO Brian Kelly suggested that Solana (SOL) could potentially become the next cryptocurrency exchange-traded fund (ETF). This speculation aligns with prior rumors in Hong Kong hinting at the issuer’s preparation for a SOL ETF.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">CNBC Guest believes <a rel="nofollow" href="https://twitter.com/search?q=%24Sol&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$Sol</a> will have the Next Spot ETF <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f92f.png" alt="🤯" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a rel="nofollow" href="https://t.co/M79fSC6uJy">pic.twitter.com/M79fSC6uJy</a></p> 
 <p>— Joshua Jake (@itzjoshuajake) <a rel="nofollow" href="https://twitter.com/itzjoshuajake/status/1793431544402690441?ref_src=twsrc%5Etfw">May 22, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>However, SOL faces unique challenges, as it currently lacks a futures ETF and has been classified as a security by the U.S. Securities and Exchange Commission (SEC), adding further complexity to its ETF prospects. Notably, a prominent ETF issuer has expressed disinterest in launching ETFs beyond Bitcoin (BTC) and Ethereum (ETH) at this time.</p> 
<p>According to analysis from Bloomberg’s James Seyffart, the approval of a futures ETF by the Commodity Futures Trading Commission (CFTC) could pave the way for the potential approval of a Solana (SOL) SPOT ETF in the coming years, with the <a href="https://coingape.com/fit21-crypto-bill-ripple-vs-sec-torres-decision-xrp-army-impact-in-fit21-crypto-bill/" target="_blank" rel="noopener">FIT21 Crypto Bill</a>&nbsp;potentially expediting this process.</p> 
<p>However, hurdles remain as the U.S. Securities and Exchange Commission (SEC) has explicitly classified Solana as a security, posing significant challenges for its ETF journey. Seyffart also noted a lack of demand for Litecoin (LTC) and Dogecoin (DOGE) ETFs.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">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</p> 
 <p>— James Seyffart (@JSeyff) <a rel="nofollow" href="https://twitter.com/JSeyff/status/1793411966071177285?ref_src=twsrc%5Etfw">May 22, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>Bitwise Investment CEO Hunter Horsley stated that there’s no need to have separate ETFs for other altcoins. He said that Bitwise’s 10 Crypto Index Fund already provides investors exposure to Bitcoin, Ethereum, Solana, and the top seven other altcoins.</p> 
<h3 id="bitcoin-maxis-oppose-this-development">Bitcoin Maxis Oppose This Development</h3> 
<p>Bitcoin maximalist “The Bitcoin Therapist,” raised concerns regarding the potential introduction of a Solana ETF, as reported by CNBC.</p> 
<p>He argues that the inclusion of Ethereum (ETH) in the spot ETF sphere has triggered a domino effect, unleashing a flood of lesser-known cryptocurrencies, disparagingly referred to as “shitcoins.”</p> 
<p>The Bitcoin Therapist remains resolute in his commitment to Bitcoin.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">CNBC is already talking about a Solana ETF.</p> 
 <p>This is the problem with including ETH into the spot ETF game. They’ve opened Pandora’s box of shitcoins.</p> 
 <p>Looks like we’re about to have the free market casino everyone’s begged for.</p> 
 <p>I’ll stick to <a rel="nofollow" href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a><a rel="nofollow" href="https://t.co/e2FOQaxtgc">pic.twitter.com/e2FOQaxtgc</a></p> 
 <p>— The ₿itcoin Therapist (@TheBTCTherapist) <a rel="nofollow" href="https://twitter.com/TheBTCTherapist/status/1793412753782353937?ref_src=twsrc%5Etfw">May 22, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>The post <a href="https://coingape.com/calls-for-spot-solana-etf-grow-after-ethereum-developments-bitcoin-maxis-oppose/">Calls for Spot Solana ETF Grow After Ethereum Developments, Bitcoin Maxis Oppose</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

Calls for Spot Solana ETF Grow After Ethereum Developments, Bitcoin Maxis Oppose

Table of Contents

Coingape News Media

Other articles published on May 23, 2024

Azuki Launches ‘Satoshi Nakamoto’ Phygital NFT Hoodies On Bitcoin And Ethereum

Tom Lee Predicts Bitcoin Will Reach $150,000 in 2024

MoonBag Presale Unlocks 2nd Stage in Grand Style as Theta and Dogecoin Lick Wounds

Gate.io Subsidiary Ceases Operations, Withdraws License Application in Hong Kong

U.S. Asset Managers Amend Spot Ether ETF Applications Ahead of SEC Decision

Are You Ready for Altseason? Analyst Lists Top Altcoins to Watch in 2024

Join our free newsletter for daily crypto updates!