Solana

Crypto X

<div class="intro-text">
 CNBC’s ‘Fast Money’ trader Brian Kelly sparked a heated discussion on Crypto X by predicting Solana (SOL) could be the next cryptocurrency to secure a spot exchange-traded fund (ETF) in the U.S.
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Kelly <a style="color: #0000ff;" href="https://twitter.com/joemccann/status/1793405795591479609?t=3y8uQPdYJXRbpavUmoMWhw&amp;s=19" rel="noopener noreferrer nofollow">voiced</a> his prediction during the CNBC post-market talk show on May 22, just before the SEC’s decision on a proposed spot Ether (ETH) ETF.&nbsp;
<blockquote class="pullquote align-center">
 “The trade now is, who’s next,” 
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<a style="color: #0000ff;" href="https://twitter.com/joemccann/status/1793405795591479609?t=3y8uQPdYJXRbpavUmoMWhw&amp;s=19" rel="noopener noreferrer nofollow">said</a> Kelly, who also leads the BKCM Digital Asset Fund.&nbsp;
“You’ve got to think about Solana as probably the next one. Bitcoin, Ethereum, and Solana are probably the big three for this cycle.”
Not everyone shared Kelly’s optimism. Nate Geraci, president of The ETF Store, <a style="color: #0000ff;" href="https://twitter.com/NateGeraci/status/1793426041693938163?t=MFglPGdWUX0o4332NzXsQw&amp;s=19" rel="noopener noreferrer nofollow">argued</a> that a spot Solana ETF is unlikely unless a Solana futures product is listed on the Chicago Mercantile.&nbsp;
<blockquote class="pullquote align-center">
 “No sol ETF until either CME-traded sol futures exist or Congress puts legit crypto regulatory framework in place. Crypto ETF spigot turned off for a while after spot eth ETF approval… IMO”, 
</blockquote>
he <a style="color: #0000ff;" href="https://twitter.com/NateGeraci/status/1793426041693938163?t=0Gdg9DfFV6NHjY8cLYpiLw&amp;s=19" rel="noopener noreferrer nofollow">noted</a>.
Exchange or Congress implements clear cryptocurrency regulations. To date, the U.S. has only approved Bitcoin (BTC) and Ether (ETH) futures.
Echoing Geraci’s skepticism, Bloomberg ETF analyst James Seyffart <a style="color: #0000ff;" href="https://twitter.com/JSeyff/status/1793410731289067601?t=rqQBf7Cynogz-bItorQNCQ&amp;s=19" rel="noopener noreferrer nofollow">suggested</a> such a development could take years.&nbsp;
Seyffart <a style="color: #0000ff;" href="https://twitter.com/JSeyff/status/1793410731289067601?t=rqQBf7Cynogz-bItorQNCQ&amp;s=19" rel="noopener noreferrer nofollow">believes</a> that once a Commodity Futures Trading Commission-regulated market is established, a spot Solana ETF would attract significant demand, second only to Bitcoin and Ether.&nbsp;
However, he <a style="color: #0000ff;" href="https://twitter.com/JSeyff/status/1793411966071177285?t=61ALc5ScJQiEM63Q5-A1JQ&amp;s=19" rel="noopener noreferrer nofollow">pointed</a> out that the SEC, under Gary Gensler, has previously classified Solana as a security in lawsuits involving Coinbase and Kraken, which could pose challenges for future ETF applicants.
Contrarily, Adam Cochran, a partner at Cinneamhain Ventures, <a style="color: #0000ff;" href="https://twitter.com/adamscochran/status/1793415084901126253?t=7lfUQtfLSscKI2alwmGRwA&amp;s=19" rel="noopener noreferrer nofollow">speculated</a> that Litecoin (LTC) or Dogecoin (DOGE) might be next for a spot ETF.&nbsp;
<blockquote class="pullquote align-center">
 “Much lower demand, but cleaner paths,” 
</blockquote>
Cochran said, noting that both cryptocurrencies use a proof-of-work consensus mechanism similar to Bitcoin.
The ongoing debate highlights the complexities and differing opinions surrounding the <a style="color: #0000ff;" href="https://defi-planet.com/2024/04/spotlight-on-grayscale-analysing-the-u-s-secs-decision-to-let-bitcoin-etfs-shine/" rel="noopener noreferrer nofollow">future of cryptocurrency ETFs in the U.S</a>.&nbsp;
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The post <a href="https://defi-planet.com/2024/05/solana-etf-likely-next-says-cnbc-trader-sparking-debate/" rel="noopener noreferrer nofollow">Solana ETF Likely Next, Says CNBC Trader, Sparking Debate</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

Solana ETF Likely Next, Says CNBC Trader, Sparking Debate

DeFi Planet

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