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Anthony Scaramucci to Pursue Spot Solana ETF After Ethereum Developments

The approval of spot Ethereum ETF has already created a major buzz with top crypto industry experts stating that they would start working on a Solana ETF soon.
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Anthony Scaramucci to Pursue Spot Solana ETF After Ethereum Developments

Highlights

  • Market analysts debate that Solana would be the next crypto to see demands for spot ETF.
  • Bloomberg analyst said that the CFTC approval for Solana futures ETF could pave the way for spot ETF.
  • Bitcoin maxis argue that the pandora's box is now open for all shitcoins to seek ETF approval.

Update: Soon after the news of the SEC approving the spot Ethereum ETF came on Thursday, crypto industry experts started looking toward the next goal. SkyBridge Capital founder Anthony Scaramucci stated that they would soon start working on getting the spot Solana ETF.

However, the approval of spot Ethereum ETF came on the backdrop of strong political backing. There’s no guarantee that a Solana ETF would see similar support from the lawmakers.

Amid the strong and growing optimism surrounding the approval of the spot Ethereum ETF, the ball has started rolling demanding similar products for other altcoins like Solana. Market analysts have been stating that the approval of the spot Ethereum ETF can lead to a snowball effect.

Chorus for Spot Solana ETF Grows

In a recent appearance on CNBC, BKCM CEO Brian Kelly suggested that Solana (SOL) could potentially become the next cryptocurrency exchange-traded fund (ETF). This speculation aligns with prior rumors in Hong Kong hinting at the issuer’s preparation for a SOL ETF.

However, SOL faces unique challenges, as it currently lacks a futures ETF and has been classified as a security by the U.S. Securities and Exchange Commission (SEC), adding further complexity to its ETF prospects. Notably, a prominent ETF issuer has expressed disinterest in launching ETFs beyond Bitcoin (BTC) and Ethereum (ETH) at this time.

According to analysis from Bloomberg’s James Seyffart, the approval of a futures ETF by the Commodity Futures Trading Commission (CFTC) could pave the way for the potential approval of a Solana (SOL) SPOT ETF in the coming years, with the FIT21 Crypto Bill potentially expediting this process.

However, hurdles remain as the U.S. Securities and Exchange Commission (SEC) has explicitly classified Solana as a security, posing significant challenges for its ETF journey. Seyffart also noted a lack of demand for Litecoin (LTC) and Dogecoin (DOGE) ETFs.

Bitwise Investment CEO Hunter Horsley stated that there’s no need to have separate ETFs for other altcoins. He said that Bitwise’s 10 Crypto Index Fund already provides investors exposure to Bitcoin, Ethereum, Solana, and the top seven other altcoins.

Bitcoin Maxis Oppose This Development

Bitcoin maximalist “The Bitcoin Therapist,” raised concerns regarding the potential introduction of a Solana ETF, as reported by CNBC.

He argues that the inclusion of Ethereum (ETH) in the spot ETF sphere has triggered a domino effect, unleashing a flood of lesser-known cryptocurrencies, disparagingly referred to as “shitcoins.”

The Bitcoin Therapist remains resolute in his commitment to Bitcoin.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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