A CNBC Fast Money trader sparked controversy by saying the Solana ETF is ‘probably’ next.
Crypto investor and CNBC ‘Fast Money’ trader Brian Kelly sparked debate about Crypto I ordered it.
Kelly predicted on the CNBC Post Market Talk Show: fast money On May 22, one day before the Securities and Exchange Commission decided on at least one proposed spot Ether (ETH) ETF.
Ah, that’s strange @cnbc Called $SOL This is the next ETF.
Hmm, I’ve heard that somewhere before… pic.twitter.com/aYAedMhcM0
— ◢ J◎e McCann (@joemccann) May 22, 2024
“The deal now is who’s next,” asked Kelly, who is also the founder and CEO of the BKCM Digital Asset Fund.
“We should probably consider Solana as the next product. Bitcoin, Ethereum, and Solana are probably the big three of this cycle.”
Some industry observers disagreed with Kelly’s prediction.
Nate Geraci, president of The ETF Store, believes there will be no physical Solana ETF until the Solana futures product traded on the Chicago Mercantile Exchange is listed or Congress comes up with a legitimate cryptocurrency regulatory framework.
To date, only Bitcoin (BTC) and Ethereum (ETH) futures have been approved in the United States.
Bloomberg ETF analyst James Seyffart agreed with Geraci, noting that this development would occur “within a few years” after the market is secured to be regulated by the Commodity Futures Trading Commission.
Seyffart believes the spot Solana ETF will see more demand than all digital assets except Bitcoin and Ethereum.
However, Seyffart also highlighted that Gary Gensler and the SEC had labeled Solana as a security in previous Coinbase and Kraken lawsuits, which could complicate things for potential future applicants.
Adam Cochran, partner at Cinneamhain Ventures, took the opposite view, believing that Litecoin (LTC) or Dogecoin (DOGE) will be the next coins to be included in spot ETFs.
“Demand is much lower, but the routes are cleaner,” Cochran said. Both Litecoin and Dogecoin are powered by a proof-of-work consensus mechanism like Bitcoin.
Related: CEO Franklin Templeton said all ETFs and mutual funds will be included in the blockchain.
Few ETF issuers have expressed the possibility of applying for a spot Solana ETF.
However, trillion-dollar asset management firm Franklin Templeton recently praised Solana and one of its founders, Anatoly Yakovenko, sparking speculation about whether the firm might consider applying for a spot Solana ETF in the future. triggered.
Matt Hougan, chief investment officer at Bitwise, predicted that Solana will be “the cryptocurrency asset of 2024” and recently explored real-world use cases for the network that institutions could leverage.
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