In a recent CNBC interview, the Founder and CEO of BKCM LLC Brian Kelly says Solana (SOL) could be the next in line for a spot ETF approval. “Bitcoin, Ethereum, and Solana are probably the big three for this cycle,” noted Kelly.
Ethereum ETF Expectations
Kelly’s comments come amid heightened expectations for a spot Ethereum ETF approval in the United States. Although Kelly highlights that he is unsure of the regulator’s timing for a spot ETH ETF approval, he believes it will happen at some point in time.
CNBC Guest believes $Sol will have the Next Spot ETF 🤯 pic.twitter.com/M79fSC6uJy
— Joshua Jake (@itzjoshuajake) May 22, 2024
Meanwhile, the US Securities and Exchange Commission appears to be on track to approve a spot Ethereum ETF following the successful launch of a similar investment vehicle for Bitcoin in January. The regulator’s last-minute change of heart triggered a massive price spike in the crypto market earlier this week.
According to earlier reports from Crypto Vanguard, Bloomberg’s ETF analyst Eric Balchunas raised approval odds from 25% to 75%. On the contrary, Dogecoin co-founder Billy Markus is less confident in Ethereum’s ability to get approval from the SEC. Markus stated that Ethereum’s legal classification as securities instead of commodities by the SEC is key to determining the upcoming decision.
Probability of Solana ETF Becoming a Reality
Similarly, the likelihood of SOL getting ETF approval from the SEC would also be determined by its legal classification. Notably, SOL was identified as a security token last year in the SEC case involving Coinbase and Binance. However, the Solana Foundation dismissed the claim, stating that the blockchain is decentralized.
The possibility of SOL getting an ETF approval from the SEC is not impossible. This is because multiple Solana Exchange-Traded Products (ETPs) exist in Europe. Besides Kelly, many crypto proponents believe that Solana could be the next for spot ETF approval based on its recent rise in price.
According to current data from CoinMarketCap, SOL is trading at $177.56, up by 9.5% in the past 24 hours, with its market cap pegged at $79.7 billion.
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