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Experts Weigh In on Solana ETF

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Solana ETF Potential Following Ethereum Approval

In a significant development for the cryptocurrency market, the US Securities and Exchange Commission (SEC) is nearing the approval of spot Ethereum exchange-traded funds (ETFs), with potential launches expected this summer. This progress has sparked speculation among industry leaders about which cryptocurrency might be next to receive ETF approval, with many experts pointing to Solana as a strong candidate due to its rising prominence.
CNBC presenter Brian Kelly and Joe McCann, CEO of Asymmetric, both believe Solana could follow Ethereum, with McCann noting increased interest from those who missed out on Ethereum’s earlier success. Investor Anthony Pompliano has strategically shifted from Ethereum to Solana, anticipating better performance, although he notes that regulatory discussions about Solana ETFs have yet to gain traction.
However, some experts advise caution. Nate Geraci, President of the ETF Store, and Bloomberg’s James Seyffart highlight significant regulatory hurdles, including the need for CME-traded Solana futures or a comprehensive crypto regulatory framework from Congress. Seyffart also mentions ongoing legal challenges that label Solana as a security, complicating its ETF approval prospects.
Despite these challenges, Polymarket, a prediction market, reports a 7% chance of a Solana spot ETF approval in 2024, indicating that the proposition is not yet widely attractive to speculators. As the debate continues, the market remains watchful for further developments.

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