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Is Solana ETF Next? Bloomberg Analyst Says It Could Be Tricky

Solana Ore

Spot Bitcoin and Ethereum ETFs have finally been approved in the US, and now investors and the market are talking about the next altcoin to have an ETF. Solana (SOL) is emerging as the strongest candidate.

While other altcoins like XRP and Litecoin (LTC) are also being discussed as potential ETF candidates, SOL is seen as the front-runner.

In this regard, Bloomberg ETF analyst James Seyffart has made a new statement about SOL ETFs.

Responding to a video by CNBC Fast Money trader and crypto investor Brian Kelly, who said that Solana ETFs are next in line after Ethereum ETFs were approved by the SEC, Seyffart said he believes Solana ETFs will be in more demand than other altcoin ETFs.

However, while Seyffart believes Solana ETFs will be in more demand than other altcoin ETFs, he also claims that bringing Solana ETFs to market could be tricky.

This is because the SEC is not even discussing the status of SOL, the network’s native token, as it did with ETH. Seyffart points out that the SEC has directly classified SOL as a security in multiple lawsuits against exchanges such as Coinbase, Binance, and Kraken, and argues that this could make the approval process for SOL ETFs more difficult.

“Based on current precedent/need, a Solana ETF will likely happen in a few years after a CFTC-regulated futures market is established. However, Congressional and market structure bills like FIT21 could accelerate this.

I think a SOL ETF would have the most demand of any altcoin (other than BTC and ETH)

However, the SEC is not debating the legal status of SOL as they did with ETH.

READ:  Bitcoin ETFs Are Expected to Be Rejected. (Bloomberg)

The SEC has explicitly said “Solana is a security” in lawsuits against Coinbase, Kraken, and others. This could make the approval process for SOL ETFs difficult and potentially rocky.”

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