The
prospect
of
a
spot
Solana
(SOL)
exchange-traded
fund
(ETF)
has
sparked
a
debate
following
a
prediction
by
CNBC
contributor
and
crypto
investor
Brian
Kelly.
TLDR
Kelly’s
prediction
comes
amidst
growing
anticipation
for
the
Securities
and
Exchange
Commission’s
(SEC)
decision
on
at
least
one
proposed
spot
Ether
ETF,
expected
on
May
23.1)
SOL
will
be
the
No.1
next
in
line
if
ETH
ETF
get
approved.
2)
ETH/BTC
did
+12%
within
a
week
after
the
BTC
approval
as
people
expect
ETH
ETFs
3)
Not
a
crowded
trade
—
Daniel
Yan
(@_D_Y_A_N)
May
21,
2024
On
the
other
hand,
Cinneamhain
Ventures
partner
Adam
Cochran
proposed
that
Litecoin
(LTC)
or
Dogecoin
(DOGE)
might
be
more
likely
candidates
for
the
next
spot
ETF
due
to
their
proof-of-work
consensus
mechanisms
aligning
more
closely
with
regulatory
expectations.
This
view
is
supported
by
the
fact
that
both
Litecoin
and
Dogecoin
have
been
in
the
market
for
a
longer
period
and
have
established
a
stronger
track
record
compared
to
Solana.
The
debate
surrounding
the
potential
introduction
of
a
Solana
ETF
has
also
drawn
criticism
from
Bitcoin
maximalists,
who
argue
that
expanding
the
ETF
market
to
include
altcoins
could
dilute
the
perceived
value
and
legitimacy
of
Bitcoin.
“The
Bitcoin
Therapist,”
a
notable
Bitcoin
maximalist,
expressed
concerns
that
the
inclusion
of
Ethereum
in
the
spot
ETF
market
has
already
led
to
a
flood
of
lesser-known
cryptocurrencies,
often
referred
to
as
“shitcoins.”
As
the
crypto
community
awaits
the
SEC’s
decision
on
the
proposed
spot
Ether
ETF,
the
speculation
around
Solana
and
other
altcoins
continues
to
grow.
While
the
approval
of
an
Ethereum
ETF
could
potentially
pave
the
way
for
other
cryptocurrencies
to
follow
suit,
the
regulatory
hurdles
suggest
that
the
path
to
a
spot
Solana
ETF
may
not
be
as
straightforward
as
some
believe.
Go to Source
Author: Oliver Dale
