- Bloomberg’s James Seyffart suggests that CFTC’s approval of a futures ETF might accelerate the potential approval of a Solana SPOT ETF, possibly aided by the FIT21 Crypto Bill.
- Market analysts debate that Solana would be the next crypto to see demands for spot ETF.
- Bitcoin maxis argue that the Pandora’s box is now open for all altcoins to seek ETF approval.
Explore the latest developments in the cryptocurrency market as experts weigh in on the potential approval of a Solana SPOT ETF, following the CFTC’s nod for futures ETFs.
Chorus for Spot Solana ETF Grows
In a recent appearance on CNBC, BKCM CEO Brian Kelly suggested that Solana (SOL) could potentially become the next cryptocurrency exchange-traded fund (ETF). This speculation aligns with prior rumors in Hong Kong hinting at the issuer’s preparation for a SOL ETF.
Potential Roadblocks and Market Sentiment
However, SOL faces unique challenges, as it currently lacks a futures ETF and has been classified as a security by the U.S. Securities and Exchange Commission (SEC), adding further complexity to its ETF prospects. Notably, a prominent ETF issuer has expressed disinterest in launching ETFs beyond Bitcoin (BTC) and Ethereum (ETH) at this time.
According to analysis from Bloomberg’s James Seyffart, the approval of a futures ETF by the Commodity Futures Trading Commission (CFTC) could pave the way for the potential approval of a Solana (SOL) SPOT ETF in the coming years, with the FIT21 Crypto Bill potentially expediting this process.
Bitcoin Maxis Oppose This Development
Bitcoin maximalist “The Bitcoin Therapist,” raised concerns regarding the potential introduction of a Solana ETF, as reported by CNBC. He argues that the inclusion of Ethereum (ETH) in the spot ETF sphere has triggered a domino effect, unleashing a flood of lesser-known cryptocurrencies, disparagingly referred to as “shitcoins.”
The Bitcoin Therapist remains resolute in his commitment to Bitcoin.
Conclusion
The potential approval of a Solana SPOT ETF marks a significant development in the cryptocurrency market. While optimism is high among some market analysts, the road ahead is fraught with regulatory challenges and opposition from Bitcoin maximalists. Investors should keep a close eye on regulatory updates and market sentiment to navigate this evolving landscape effectively.
