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Get Ready for Solana (SOL) ETF: Anthony Scaramucci

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Fri, 24/05/2024 - 11:05
Get Ready for Solana (SOL) ETF: Anthony Scaramucci
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Pro-crypto U.S. financier and cofounder of the SkyBridge Capital fund Anthony Scaramucci has taken to the X social media network (famously formerly Twitter) to share an outlook on which cryptocurrency the next exchange-traded fund is going to be launched.

He believes this will be Solana (SOL) – the fifth largest cryptocurrency with the market capitalization valued at $74,257,065,079.

Today, Scaramucci published a tweet in which he advised 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, a similar prediction was issued by Brian Kelly, founder and CEO of BKCM LLC, and a major CNBC contributor. He stated that Bitcoin, Ethereum and Solana are probably “the big three of this cycle.”

Eleven Bitcoin spot ETFs were approved by the Securities and Exchange Commission in January. Spot Ethereum ETFs, contrary to bearish expectations shared by multiple experts, were suddenly greenlit yesterday on May 23. Now both retail and institutional investors will gain exposure to the second biggest cryptocurrency without having to own it directly, but they will be able to buy ETF shares based on Ethereum.

Related

Here's issue with potential SOL ETF

There is a problem, however. SOL is among the altcoins that the SEC has labeled as unregistered securities. Bitcoin and Ethereum so far have been the only cryptos that the regulator has admitted to be commodities. However, the status quo for Ethereum seems to be shaky at the moment.

Still, the spot ETFs have been approved after the issuers removed mentions of ETH staking from their filings since the SEC has sued Coinbase and Kraken for offering staking services to their customers in the U.S., and coins offered for staking with SOL and ETH among them were marked as securities. The only exception was made for XRP since, last year, the SEC partly lost the case to Ripple over the coin’s status.

Perhaps that drove BlackRock, a major issuer of spot Bitcoin and Ethereum ETFs that it intends to file for an exchange-traded fund based on XRP earlier this year.

Bloomberg crypto and ETF analyst James Seyffart tweeted on Thursday that he does not see much demand for altcoins. He even named Litecoin and Dogecoin in particular.

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