As an experienced financial analyst, I have closely followed the developments in the cryptocurrency market, including the regulatory landscape and the launches of various exchange-traded funds (ETFs). Based on my analysis and the information provided in the article, I believe Anthony Scaramucci’s prediction of a Solana (SOL) ETF could hold some merit.
Expert: Anthony Scaramucci, a prominent financier and co-founder of SkyBridge Capital in the pro-crypto sphere, has expressed his views on the upcoming cryptocurrency for the next exchange-traded fund (ETF) via X social media platform, previously known as Twitter.
As a crypto investor, I can express my belief in the following way: I firmly trust that Solana (SOL), currently the fifth-largest cryptocurrency by market cap, boasting a valuation of $74.26 billion, holds significant potential.
Today, Scaramucci shared on Twitter his prediction that an Exchange-Traded Fund (ETF) based on Solana (SOL) cryptocurrency is imminent. He urged the global crypto community to prepare for this development.
Brian Kelly expects Solana ETF to launch
This week, Brian Kelly, the founder and CEO of BKCM LLC and a significant CNBC commentator, made a prediction akin to the current one. He identified Bitcoin, Ethereum, and Solana as the most likely “front-runners” or “key players” in this market cycle.
Eleven Bitcoin ETFs received the green light from the SEC in January. In a surprising turn of events, the SEC approved Spot Ethereum ETFs on May 23rd, defying the pessimistic predictions of many experts. As a result, both individual and institutional investors now have the opportunity to invest in Ethereum without actually owning it, instead purchasing shares of an Ethereum-based ETF.
Here’s issue with potential SOL ETF
A challenge arises in that SOL is considered an unregistered security by the SEC among the alternative cryptocurrencies. To date, Bitcoin and Ethereum are the only digital currencies recognized by the regulatory body as commodities. However, Ethereum’s current status as a commodity appears uncertain at this time.
Despite the SEC’s lawsuits against Coinbase and Kraken for providing staking services involving Ethereum (ETH) and Solana (SOL) coins to US customers, resulting in these coins being classified as securities, Exchange-Traded Funds (ETFs) backed by spot Bitcoin and Ethereum have been given the green light. Notably, Ripple‘s XRP is the exception due to the SEC losing part of its legal battle against Ripple Labs last year over the coin’s status.
It’s possible that BlackRock, known for releasing popular spot Bitcoin and Ethereum ETFs, considered filing for an XRP exchange-traded fund earlier this year.
James Seyffart, a cryptocurrency and ETF analyst at Bloomberg, expressed on Twitter last Thursday that there is limited interest in altcoins from the market. Specifically mentioning Litecoin and Dogecoin as examples.
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2024-05-24 14:20