Crypto Industry Speculates on Solana ETF After SEC Progress on Ethereum ETFs 🚀
As the US Securities and Exchange Commission (SEC) moves forward with the approval of spot Ethereum exchange-traded funds (ETFs), industry leaders are considering whether Solana could be the next candidate for an ETF opportunity in the cryptocurrency market.
Is a Spot Solana ETF Next?
SEC Chair Gary Gensler’s announcement about the expected launch of spot Ethereum ETFs this summer has brought attention to which cryptocurrency might be the next to follow Ethereum’s lead.
- Experts speculate that Solana could be the next potential candidate for an ETF, given its increasing prominence in the market.
Industry Experts Weigh In
- Brian Kelly, a CNBC presenter, believes that Solana, alongside Bitcoin and Ethereum, could be one of the top three cryptocurrencies in the current market cycle.
- Kelly stated that Solana might be the next in line for an ETF, following the success of Bitcoin and Ethereum.
- Joe McCann, CEO at Asymmetric, echoed the sentiment that Solana’s rising interest is due to individuals who missed out on Ethereum’s previous success.
- McCann commented that he anticipates Solana to outperform Ethereum in the future.
Regulatory Outlook for Solana ETF
- Anthony Pompliano, from Pomp Investments, shared his strategic move from Ethereum to Solana but expressed concerns about the lack of discussions around Solana ETFs among regulators.
- Pompliano highlighted the potential for Solana to outperform Ethereum and emphasized the need for regulatory clarity on Solana ETFs.
Potential Challenges and Timelines for Solana ETF Approval 🕒
Despite the industry’s optimism, some experts advocate for caution in immediately approving a Solana ETF, citing regulatory challenges that could hinder the process.
- Nate Geraci, President of the ETF Store, emphasized the importance of CME-traded Solana futures or a robust crypto regulatory framework before considering a Solana ETF approval.
- Geraci stated that regulatory hurdles could delay the approval of a Solana ETF, emphasizing the need for structured futures markets.
- James Seyffart, a Research Analyst at Bloomberg, provided insights into the potential timeline for a Solana ETF approval.
- Seyffart indicated that a CFTC-regulated futures market could pave the way for a Solana ETF, highlighting the differences in regulatory treatment between Solana and Ethereum.
Market Speculation and Odds of Solana ETF Approval
- As market analysts observe the ongoing debates surrounding Solana ETF approval, prediction markets like Polymarket suggest a 7% chance of a Solana spot ETF approval in 2024.
- The betting pool on this proposition indicates a lack of significant interest from speculators at the moment.
Hot Take: Solana ETF Approval in Focus 🔥
Industry experts and regulators are closely monitoring the potential for a Solana ETF approval amidst the SEC’s progress on Ethereum ETFs. The outcome remains uncertain, with regulatory challenges and varying opinions shaping the discussions around a possible Solana ETF in the market.
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