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Brian Kelly predicts Solana could be the next cryptocurrency ETF
Alex Dovbnja
Prominent CNBC contributor Brian Kelly believes Solana could be the next altcoin to gain approval in the US
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Brian Kelly, founder and CEO of BKCM LLC, recently he thought that Solana could be the next cryptocurrency to get its own exchange-traded fund (ETF) in the United States.
“Bitcoin, Ethereum and Solana are probably the big three of this cycle,” Kelly added.
Ethereum ETF Hopes
After the highly successful launch of the Bitcoin ETF in January, it now appears that the SEC may be on its way to approving Ethereum ETFs. The regulator’s last-minute U-turn triggered a massive price increase.
While Kelly doesn’t know when exactly an Ethereum ETF will be approved by the SEC, he believes it will happen sooner rather than later.
Little interest in altcoins
AS reported by U.TodayRobert Mitchnick, head of digital assets at BlackRock, recently acknowledged that “there was little interest” in Ethereum and “very little interest” in other altcoins based on conversations with their clients.
In January, BlackRock reportedly confirmed that he had no plans to launch an ETF for the XRP cryptocurrency.
That said, there are several Solana exchange-traded products (ETPs) in Europe.
Is Solana a security?
Last year, SEC lawsuits against Coinbase and Binance named the Solana token as a security. The Solana Foundation has firmly rejected this claim, arguing that blockchain is decentralized.
The token’s legal status could significantly complicate the ETF approval process in the United States. Also, it’s worth mentioning that Solana doesn’t have its own futures-based ETFs in the US.
About the author
Alex Dovbnja
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the burgeoning industry, from price analysis to Blockchain disruption. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets; he can be contacted at alex.dovbnya@u.today.