Solana's Legal Status
Brian Kelly, founder and CEO of BKCM LLC, expressed his expectations that Solana will be the next cryptocurrency to gain approval as an ETF in the United States.
Kelly noted that Bitcoin, Ethereum, and Solana may be the three major digital currencies in this cycle.
There is still hope for an Ethereum ETF:
After the successful launch of a Bitcoin ETF in January, it appears that the SEC may be on the verge of approving an Ethereum ETF.
This sudden regulatory shift led to a significant rise in the prices of cryptocurrencies.
Although Kelly cannot pinpoint an exact date for the ETF to be approved by the SEC, he confidently believes it will eventually happen.
Robert Mitchnik, head of digital assets at BlackRock, reported that there is little interest in Ethereum and very little interest in other altcoins based on conversations with clients.
In January, BlackRock confirmed that it did not plan to launch an ETF for the cryptocurrency XRP.
It is worth noting that there are several Solana exchange-traded (ETP) products in Europe.
Solana's legal status:
Last year, lawsuits filed by the SEC against Coinbase and Binance involved identifying Solana as a security.
The Solana Foundation strongly rejected this claim, stressing that their blockchain is decentralized.
The current legal status of Solana Coin may significantly complicate the ETF approval process in the United States.
It should be noted that Solana does not currently have a futures-based ETF in the United States.
Posted Using InLeo Alpha