Fast Money’s Brian Kelly Says Solana is Next in Line For a US Spot ETF
Crypto investor and trader Brian Kelly has suggested that Solana (SOL) could potentially become the next cryptocurrency to have a spot exchange-traded fund (ETF) in the United States.
On a recent episode of CNBC’s ‘Fast Money’, Kelly, who also serves as the founder and CEO of the BKCM Digital Asset Fund, posed the question, “The trade now is, who’s next?”
He then suggested, “You’ve got to think about Solana as probably the next one. Bitcoin, Ethereum and Solana are probably the big three for this cycle.”
The speculation comes just a day before the Securities and Exchange Commission (SEC) is set to decide on at least one proposed spot Ether (ETH) ETF.
However, not everyone shares Kelly’s optimism.
Nate Geraci, president of The ETF Store, expressed skepticism, stating that a spot Solana ETF might not materialize until a Solana futures product is listed on a major exchange or until Congress establishes a clear regulatory framework for cryptocurrencies beyond Bitcoin and Ethereum.
James Seyffart, an ETF analyst at Bloomberg, echoed Geraci’s sentiments, predicting that the launch of a spot Solana ETF could be years away, contingent upon regulatory milestones such as approval from the Commodity Futures Trading Commission (CFTC).
But SEC isn't dancing around SOL's status like they have ETH. Those lawsuits against COIN and Kraken and others flat out say "Solana is a security" lol. Which could very easily make this a very rocky road
— James Seyffart (@JSeyff) May 22, 2024
Despite the differing opinions, Seyffart highlighted the potential demand for a spot Solana ETF, suggesting it could surpass other digital assets outside of Bitcoin and Ethereum.
However, regulatory hurdles loom large.
The SEC, under the leadership of Gary Gensler, has
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