American pro-crypto financier and co-founder of the SkyBridge Capital fund, Anthony Scaramucci, has taken to social network
American pro-crypto financier and co-founder of the SkyBridge Capital fund, Anthony Scaramucci, has taken to social network
He believes this will be Solana (SOL), the fifth largest cryptocurrency with a market capitalization valued at $74,257,065,079.
Today, Scaramucci posted a tweet advising the global cryptocurrency community to get ready because “we are going to get a SOL ETF.”
Brian Kelly expects Solana ETF to launch
Earlier this week, Brian Kelly, founder and CEO of BKCM LLC, and a top contributor to CNBC, issued a similar prediction. He stated that Bitcoin, Ethereum and Solana are probably “the big three of this cycle.”
The Securities and Exchange Commission approved eleven Bitcoin spot ETFs in January. Ethereum spot ETFs, contrary to bearish expectations shared by several experts, suddenly received the green light yesterday, May 23. Now, both retail and institutional investors will gain exposure to the second-largest cryptocurrency without having to own it directly, but will be able to purchase ETFs. Ethereum-based stocks.
Yuri MolchanHere’s a problem with the possible SOL ETF
However, there is a problem. SOL is among the altcoins that the SEC has labeled as unregistered securities. Bitcoin and Ethereum have so far been the only cryptocurrencies that the regulator has admitted as commodities. However, Ethereum’s status quo seems shaky at the moment.
Still, spot ETFs were approved after issuers removed mentions of ETH staking from their filings, as the SEC sued Coinbase and Kraken for offering staking services to their customers in the US, and coins offered for staking with SOL and ETH among them were marked as securities. The only exception was made for XRP as, last year, the SEC partially lost the case to Ripple over the status of the currency.
Perhaps that prompted BlackRock, a major Bitcoin and Ethereum spot ETF issuer, which intends to file for an XRP-based exchange-traded fund early this year.
Bloomberg cryptocurrency and ETF analyst James Seyffart tweeted on Thursday that he doesn’t see much demand for altcoins. He even named Litecoin and Dogecoin in particular.
