Crypto trader and investor Brian Kelly has proposed the concept of a spot exchange-traded fund (ETF) for Solana US Spot ETF a cryptocurrency traded in the US Spot ETF (SOL). “The trade now is, who’s next?” Kelly pondered during one of the latest episodes of Fast Money on CNBC. The company BKCM Digital Asset Fund was launched and is now led by Kelly, the founder and CEO.
Solana, he claimed, would probably be the next one. His arguments are built on different ideas, but most importantly, the future top three. The crypto market will be Bitcoin, Ethereum, and Solana. This assumption takes place a Day before. The SEC makes a decision on one or more spot Ether (ETH) ETF (proposed) applications.
Solana ETF Might Not Come Next
There are probably not too many people who are as positive as Kelly. Nate Geraci, president of The ETF Store, noted that a spot Solana ETF may not appear before a futures product is offered in Solana at a significant exchange or Congress drafts a clear legislative framework for cryptocurrencies other than Bitcoin and Ethereum.
However, James Seyffart,, another ETF expert for Bloomberg, believes that the SOL ETF is spot rate, and if that’s what you mean, it can be delayed for several years according to the progressive actions of the regulators. A spot SOL US Spot ETF notwithstanding, Seyffart also notes that there could be potential demand for it; thereby, it could surpass other assets that are not Bitcoin and Ethereum.
However, the outsized component hangs on the spine of the regulator’s concerns. The cumbersome process of prospective ETF applicants’ registration specifies the SEC, which, while headed by Gary Gensler, had already classified some of Coinbase and Kraken’s Solanas as securities. Adversely, Adam Cochran from Cinneamhain Ventures had the point of view that cryptocurrencies. With smaller demand, such as Litecoin (LTC) or Dogecoin (DOGE), would be the ones to have their ETFs approved quicker due to the issue of the SEC deciding on the legal matters by them.
While not even the slightest number of exchange-traded funds (ETFs) have publicly expressed their interest in competing. With Solana US Spot ETF, the world’s fourth-largest asset management firm. Franklin Templeton has given its vote of approval for Solana and its founder Anatoly Yakovenko. Thus, several cryptocurrency fans. Are now are cryptocurrency fans follow up on this idea and working toward introducing a Solana exchange-traded
introducing Amended S-1 Application with SEC
As reported this morning, Fidelity had updated its S-1 form and sent it. It is to the SEC regarding their participation in the Ethereum ETF spot. According to the revised version, no actual staking of the underlying Ether tokens will be done. Securities products one wants to be publicly traded in the US must first be introduced to the SEC with an S-1 form.
Bitcoin ETFs picked up on Tuesday because of the inflow of funds, highlighted by. The positive development of their potential for launching spot Ether ETFs. The first one was BlackRock’s iShares Bitcoin Trust (IBIT), which saw a phenomenal $290 million. In a single week during May 2021 after suffering a six-week-long streak of negative or zero inflows.
The predominance of capital inflow in the BlackRock ETF has led to one of the most striking developments. The overall inflows during the past 21 trading days have recorded at the highest level since April 5th with a six-week high, April 5 on May 21. The Bitcoin Price dropped MaMay 21venty thousand dollars on May 22, and now it trades at $69,444.
FAQs
Why might a spot Solana ETF be delayed?
Experts believe a spot Solana ETF could face regulatory delays until a Solana futures product is launched or clearer legislation for cryptocurrencies is established.
What is the role of the SEC in Solana's potential ETF approval?
The SEC's concerns about Solana’s regulatory status, especially after labeling some of its assets as securities, could delay the approval of a spot Solana ETF.
What is the significance of Franklin Templeton’s endorsement of Solana?
Franklin Templeton's support of Solana and its founder boosts the idea of a Solana ETF, encouraging more cryptocurrency fans to push for its approval.
How does the process for ETF applications work?
To launch an ETF in the US, companies like Fidelity must file an S-1 form with the SEC, detailing their product’s structure, including no staking of the underlying cryptocurrency.
