On 22 May 2024 when Brian Kelly, a notable crypto investor and CNBC’s ‘Fast Money’ trader, suggested that Solana (SOL) could be the next cryptocurrency to get a spot exchange-traded fund (ETF) in the United States. Kelly’s prediction has ignited a lively debate among industry experts and market observers.

Kelly is a financial analyst and television personality known for his expertise in cryptocurrencies and blockchain technology. He is the founder and CEO of BKCM LLC, an investment firm focused on digital currencies. Kelly is also a frequent contributor to CNBC, where he provides analysis and commentary on financial markets, with a particular focus on cryptocurrency trends and investment strategies. He has authored “The Bitcoin Big Bang: How Alternative Currencies Are About to Change the World,” which explores the potential of Bitcoin and other digital currencies to revolutionize the financial industry.

According to a report by Cointelegraph, during the CNBC post-market talk show Fast Money, Kelly expressed his belief that Solana might be the next major cryptocurrency to be featured in a spot ETF. “You’ve got to think about Solana as probably the next one. Bitcoin, Ethereum, and Solana are probably the big three for this cycle,” Kelly remarked.

Not everyone shares Kelly’s optimism. Nate Geraci, president of The ETF Store, countered that a spot Solana ETF is unlikely unless there is a Solana futures product listed on the Chicago Mercantile Exchange or a robust cryptocurrency regulatory framework is established by Congress.

James Seyffart, a Bloomberg ETF analyst, echoed Geraci’s caution. Seyffart suggested that a spot Solana ETF would require a Commodity Futures Trading Commission (CFTC)-regulated market, which he believes could happen within a few years. He noted that such an ETF could see significant demand, second only to Bitcoin and Ether. However, he also pointed out that the Securities and Exchange Commission (SEC) has previously classified Solana as a security in lawsuits against Coinbase and Kraken, potentially complicating future applications.

Contrary to Kelly’s and Seyffart’s views, Adam Cochran, partner at Cinneamhain Ventures, argued that either Litecoin (LTC) or Dogecoin (DOGE) would be more likely candidates for the next spot ETF.

At the time of writing (8:47 a.m. UTC on May 23), SOL is trading at around $177.31, down 1.6% in the past 24-hour period. In the year-to-date period, SOL is up 70% vs USD.