Will Solana ETF be next? CNBC debates and Bloomberg analyst sees it possible – DiarioBitcoin
By Hannah Perez
The Bernstein firm believes that the approval of an Ethereum spot ETF could raise expectations that other cryptocurrencies such as Solana will also be classified as commodities in the US.
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- Brian Kelly Fast Money on CNBC, the possibility of a Solana ETF appeared
- Bloomberg analyst James Seyffart sees it as possible, although he believes it could take a few years.
- An Approval or Disapproval Response for an Ethereum Spot ETF Expected Today
- Bernstein said an approval would be regulatory relief
Amid hopes of approval for an exchange-traded fund (ETF) of Ethereum spot in the United States, some observers are weighing the possibility of opening the door for ETFs of more cryptocurrencies in the future.
The prospectus for an ETF based on Solarium cash was a topic of discussion on Wednesday during the program from CNBC, Fast Moneyon Wednesday, amid speculation of possible approval by the US Securities and Exchange Commission (SEC) for a fund with direct exposure to Ethereum.
During the episode, Brian Kelly, cryptocurrency investor, trader and contributor to CNBCsuggested that Solarium It could be the next cryptocurrency to receive a spot ETF in the United States.
“The question now is who’s next“asked Kelly, who is also the founder and CEO of BKCM Digital Asset Fund. “We have to think of Solana as probably the next one”he speculated.
“Bitcoin, Ethereum and Solana are probably the big three of this cycle”he added.
Waiting for an ETF Ethereum
Similar to Ethereum, Solarium is a Blockchain with smart contract capabilities that operates with a proof-of-stake (PoS) consensus mechanism, albeit combined with its own proof-of-history (PoH) mechanism. On both chains, validators participate to confirm transaction blocks and receive rewards in tokens.
Solariumwhich promises to be faster and have greater capacity than its rival, currently has a market capitalization of USD $79 billion, and its native cryptocurrency SOL is priced at USD $175.
The discussion about the possibility of an ETF Solarium It comes amid rushed last-minute developments in the ETF application process. Ethereum cash. Earlier this week, the SEC invited issuers to update their prospectuses, hinting at possible approval. The administrators have quickly responded to the call.
The deadline for an SEC verdict for at least one of the ETF proposals Ethereum It happens this Thursday. Although observers expect multiple approvals, as happened with the ETFs of Bitcoin in cash at the beginning of the year.
So far, US regulators have only approved Bitcoin for spot ETFs, a decision in line with comments from SEC Chairman Gary Gensler, who has been emphatic on several occasions that Bitcoin It is the only cryptocurrency that can be excluded from the value classification.
If the SEC approves an ETF based on Ethereum spot, means that the SEC could also consider other cryptocurrencies as commodities, which would be welcomed as a positive development in the industry.
ETFs Solarium will it be next?
Kelly’s speculation about an ETF Solarium They generated debate among the community of cryptocurrency enthusiasts. On the social network x (before Twitter) several commented on the topic, being more and less skeptical of the prediction.
The ETF Analyst BloombergJames Seyffart, agreed with a comment by Nate Geraci, president of The ETF Storewho noted that before a cash ETF Solarium A futures product has to come. The Chicago Mercantile Exchange (CME) lists futures contracts for Bitcoin and Ethereum and before a spot ETF, futures ETFs emerged.
Geraci added that it will also depend on Congress establishing a legitimate regulatory framework for cryptocurrencies.
Despite how unlikely an ETF is Solarium in the immediate future, Seyffart expressed confidence that this development could occur “in a few years” after a market regulated by the Commodity Futures Trading Commission (CFTC) is achieved.
Seyffart also shared his belief that a spot ETF Solarium could be in more demand than any digital asset beyond Bitcoin and Ethereum. However, he did not ignore the fact that the SEC has classified Solarium as a value in previous lawsuits, which could complicate things for future applicants.
ETFs Ethereum It would be a “regulatory relief”
In this same line of ideas, the global asset management firm Bernstein highlighted in a recent report that the approval of an ETF of Ethereum would be considered a major regulatory relief for the cryptocurrency sector and will raise expectations that ETH rival SOL will be classified as a commodity, reported CoinDesk.
“More tactically, the approval of the Ethereum ETF would set the precedent for a first blockchain asset other than Bitcoin to be considered a commodity, raising hopes for Ethereum peers (likely Solana) to follow the same path.“said the analysts in a note collected by that news outlet.
In addition, they anticipated that the Biden administration could soften its stance on cryptocurrencies before the November presidential elections and that a possible Trump victory would be broadly positive for the sector, an opinion that was already expressed a few days ago by analysts at Standard Chartered.
Bernsteinwhich is confident in the approval of the ETF, said this week that ETH could rise 75% in price over the never-before-seen mark of USD $6,000 after the US milestone.
Article by Hannah Estefanía Pérez / DailyBitcoin
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