As an experienced financial analyst, I find Kelly’s prediction on Solana potentially receiving a spot ETF intriguing. However, I would approach this topic with caution and a healthy dose of skepticism, given the regulatory complexities surrounding cryptocurrencies, particularly Solana’s classification as a security by the SEC.
In a recent episode of CNBC’s “Fast Money,” Brian Kelly, the founder and CEO of BKCM Digital Asset Fund, expressed his belief that Solana could be the next cryptocurrency to receive a spot exchange-traded fund (ETF) in the US, following in the footsteps of Bitcoin and Ethereum. This prediction was made as the Securities and Exchange Commission (SEC) is preparing to make a decision on an Ether ETF.
Oh weird @cnbc says $SOL is the next ETF.Hmm, where have I heard that before… — ◢ J◎e McCann 🧊 (@joemccann) May 22, 2024
Kelly noted that Bitcoin, Ethereum, and Solana represent the primary cryptocurrencies in the market, hinting at a potential approval for an Exchange-Traded Fund (ETF) featuring Solana next.
Despite the interest shown by some digital crypto analysts, such as James Seyffart of Bloomberg ETF, in creating a Solana-linked ETF, the process might be lengthy. The Commodity Futures Trading Commission (CFTC), which is responsible for market regulation, has yet to grant approval.
As a researcher looking into the potential of creating an Exchange-Traded Fund (ETF) based on Solana, I’ve encountered a challenge due to the Securities and Exchange Commission (SEC) having previously classified Solana as a security. This classification could pose complications for any future ETF applications related to this cryptocurrency. Furthermore, Nate Geraci, the president of The ETF Store, shares my view that the feasibility of launching a Solana spot ETF hinges on the establishment of clearer rules governing cryptocurrencies in general.
As a crypto investor, I’ve noticed that despite facing regulatory hurdles, Solana has managed to generate substantial buzz. Notably, Bitwise’s chief investment officer, Matt Hougan, has pointed out its expanding real-world use cases and identified it as his top pick for the “crypto asset of 2024.”
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2024-05-23 09:56