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Are Solana ETFs Next After Ethereum? Bloomberg Analyst Reveals His Expectations and Possible Obstacles!

source-logo  en.bitcoinsistemi.com 24 May 2024 10:24, UTC

After spot Bitcoin ETFs, spot Ethereum ETFs were finally approved in the USA. As investors and the market now begin to talk about the next altcoin to have an ETF, the strongest candidate appears to be Solana (SOL).

Among the ETF candidate altcoins, although altcoins such as XRP and Litecoin (LTC) are also discussed in addition to SOL, the strongest candidate is seen as SOL.

At this point, a new post about SOL ETFs came from Bloomberg ETF analyst James Seyffart.

Responding to a video in which CNBC Fast Money trader and crypto investor Brian Kelly said that after Ethereum ETFs are approved by the SEC, it is the turn of the Solana ETFs, Seyffart said that he believes the Solana ETF will be in more demand than other altcoin ETFs other than Ethereum .

Although Seyffart thinks Solana ETFs will be more in demand than other altcoin ETFs, he claimed that launching Solana ETFs could be challenging.

Because, as with ETH, the SEC does not even discuss the status of the network's native token, SOL. Pointing out that the SEC directly classifies SOL as a security in many cases filed against exchanges such as Coinbase, Binance and Kraken, the analyst argued that this may make the approval process of SOL ETFs difficult.

“Based on current precedent/needs, a Solana ETF would occur within a few years following the creation of a CFTC-regulated futures market. However, congressional and Market structure bills like FIT21 could make this happen faster.”

I think a SOL ETF would see the most demand compared to other altcoins (other than BTC and ETH)

However, the SEC does not discuss the legal status of SOL as it does with ETH.

“Solana is a security,” the SEC has clearly stated in lawsuits against Coinbase, Kraken, and others. “This could make the approval process for SOL ETFs difficult and easily a rocky road.”

*This is not investment advice.