CNBC Sparks Debate Over Whether A Spot Solana ETF Might Be Next

Updated: 23 May 2024

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CNBC’s Fast Money show sparked a debate over whether a spot Solana ETF (exchange-traded fund) could be next to launch in the US.

“The trade now is, who’s next,” said Brian Kelly, founder of crypto investment firm BKCM, in an appearance on the show. “You’ve got to think about Solana as probably the next one. Bitcoin, Ethereum, and Solana are probably the big three for this cycle.”

🚨LATEST: @CNBC Guest believes $SOL ETF probably be Next as #Bitcoin , Ethereum and Solana are Big 3 of this cycle pic.twitter.com/jaq10qeJeo

— SolanaFloor (@SolanaFloor) May 22, 2024

Kelly’s prediction comes amid growing market optimism that the US Securities and Exchange Commission (SEC) will approve a spot ETH ETF. The regulator is facing the final deadline for the VanEck spot Ether ETF application on May 23, today.

Crypto Community Says A Solana ETF Faces A ”Rocky Road”

Kelly’s prediction has been met with some push back from the crypto community. Bloomberg ETF analyst James Seyffart said that the SEC has categorically classified Solana as a security in lawsuits against Coinbase and Kraken, making any approval of a spot SOL ETF a “very rocky road.”

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

— James Seyffart (@JSeyff) May 22, 2024

Unlike Ethereum, Solana also lacks a futures product listed in the US, and the ETF Store’s Nate Geraci says that lowers the likelihood of a Solana ETF launching any time soon.

Seyffart added that a SOL ETF may take a few years, but also said Solana ETFs would attract high demand.