Could Solana be next in line for a spot ETF after Ethereum?

• SOL ETF discussions arise amid ongoing Ethereum ETF debates.
• Insights from experts suggest possible approval of SOL ETFs.

Amidst divided opinions on the approval of Ethereum [ETH] spot exchange-traded funds (ETFs), another interesting debate has emerged around the possibility of Solana [SOL] ETFs.

Hinting at the likelihood of ETH ETF approval soon, CNBC ‘Fast Money’ trader Brian Kelly sparked debate on X, suggesting SOL as the potential next cryptocurrency for a spot ETF in the United States. In a conversation with CNBC, he said, 

“ I think you’ve gotta think about Solana as probably the next one, right? I mean Bitcoin, Ethereum, and Solana are probably the big three for this cycle.” 

In fact, just a day prior, Daniel Yan, co-founder of Matrixport, hinted at the same idea in his May 21st post on X. He observed,

Source: Daniel Yan/X

Optimistic remarks

Adding to the fray was James Seyffart, ETF Research Analyst at Bloomberg Intelligence, who said,

Source: James Seyffart/X

However, if we look at the flip side, Seyffart also issued a cautionary note, highlighting that despite the optimism about Solana’s ETF potential, the SEC’s approach to Solana differs from Ethereum’s. He claimed, 

“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.”, 

Joining the conversation was Nate Geraci, president of ETFStore, who added, 

“No sol ETF until either CME-traded sol futures exist or Congress puts legit crypto regulatory framework in place…Crypto ETF spigot turned off for a while after spot eth ETF approval… IMO.” 

The debate continued as ‘The Bitcoin Therapist’ added further criticism to the discussion.

“CNBC is already talking about a Solana ETF. This is the problem with including ETH into the spot ETF game. They’ve opened Pandora’s box of shitcoins. Looks like we’re about to have the free market casino everyone’s begged for. I’ll stick to #Bitcoin.”

Solana vs. Ethereum

Amidst the recent developments in the ETF debate, SOL’s price was down 3% over the last 24 hours at press time. At the same time, ETH was flashing green.

Drawing a parallel between the two major altcoins, ‘The Wolf Of All Streets’,  a pseudonymous crypto investor, analyzed, 

Source: X