In a recent interview with Kitco News Chief Anchor and Editor-in-Chief Michelle Makori, Bloomberg Intelligence Research Analyst James Seyffart delved into the topic of Solana ETFs following the surprising approval of spot Ethereum ETFs by the SEC.
During the discussion, Makori mentioned the industry speculation surrounding the potential for a Solana ETF, referencing remarks made by Ripple CEO Brad Garlinghouse suggesting that Solana and Ripple’s XRP could be next in line for ETF approval.
Seyffart reaffirmed his previous stance that a Bitcoin ETF would likely precede an Ethereum ETF, with a significant delay expected for the approval of other cryptocurrencies. He highlighted the SEC’s current classification of Solana as a security, citing ongoing legal battles involving Kraken and Coinbase where Solana was specifically named. The distinction between cryptocurrencies as securities or commodities presents a major obstacle to ETF approval.
Even if Solana is ultimately categorized as a commodity, another challenge lies in meeting the SEC’s requirement for a market that can be effectively monitored to prevent fraud and manipulation. Unlike Bitcoin and Ethereum ETFs, which rely on CME futures for monitoring, a similar structure is not yet in place for Solana.
Despite the regulatory landscape, Seyffart anticipates that a Solana ETF is unlikely to materialize before 2026. It’s important to note that this information is not intended as investment advice.
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