Solana (SOL) ETF on the Horizon: Anthony Scaramucci Announces Groundbreaking Move

  • Solana (SOL) is anticipated to be the next cryptocurrency to have an exchange-traded fund (ETF) launched.
  • Brian Kelly, founder and CEO of BKCM LLC, also predicts a Solana ETF, highlighting it as one of the “big three” cryptocurrencies of this cycle, alongside Bitcoin and Ethereum.
  • Anthony Scaramucci, cofounder of SkyBridge Capital, recently tweeted that the global cryptocurrency community should prepare for a Solana ETF.

Discover the latest predictions and insights on the potential launch of a Solana (SOL) ETF, as experts weigh in on its implications for the crypto market.

Brian Kelly Expects Solana ETF to Launch

Earlier this week, Brian Kelly, founder and CEO of BKCM LLC and a prominent CNBC contributor, echoed the sentiment that Solana could be the next cryptocurrency to have an ETF. Kelly stated that Bitcoin, Ethereum, and Solana are likely the “big three of this cycle.” This follows the approval of eleven Bitcoin spot ETFs by the Securities and Exchange Commission (SEC) in January and the unexpected greenlighting of spot Ethereum ETFs on May 23. These developments allow both retail and institutional investors to gain exposure to these major cryptocurrencies without owning them directly, by purchasing ETF shares based on Bitcoin and Ethereum.

Here’s the Issue with a Potential SOL ETF

There is, however, a significant hurdle to the launch of a Solana ETF. The SEC has labeled SOL as an unregistered security, a classification that does not apply to Bitcoin and Ethereum, which are considered commodities. The status of Ethereum is currently under scrutiny, adding to the complexity. Despite these challenges, spot ETFs for Bitcoin and Ethereum were approved after issuers removed mentions of ETH staking from their filings. This move came after the SEC sued Coinbase and Kraken for offering staking services, marking coins like SOL and ETH as securities. Notably, XRP was an exception, as the SEC partly lost its case against Ripple regarding XRP’s status.

Adding to the intrigue, BlackRock, a major issuer of spot Bitcoin and Ethereum ETFs, has shown interest in filing for an ETF based on XRP. Bloomberg crypto and ETF analyst James Seyffart recently tweeted that he does not see much demand for altcoins, specifically mentioning Litecoin and Dogecoin.

Conclusion

The potential launch of a Solana ETF is generating significant buzz in the cryptocurrency community. While experts like Brian Kelly and Anthony Scaramucci are optimistic, regulatory challenges remain a significant obstacle. The SEC’s classification of SOL as an unregistered security complicates the path forward. However, the recent approvals of Bitcoin and Ethereum ETFs suggest that with strategic adjustments, a Solana ETF could eventually become a reality. Investors and market watchers should stay tuned for further developments, as the landscape of cryptocurrency ETFs continues to evolve.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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