Solana ETF May Be Next, But It Will Take Years Says Bloomberg Analyst
The passing of spot Bitcoin exchange-traded funds (ETFs), along with the approval of spot Ethereum ETFs, have cleared the way for altcoin ETFs in the United States.
The recent success of spot Bitcoin ETFs also demonstrates the advancement of digital asset exchange-traded funds . For example, spot Bitcoin ETFs in the U.S. brought in $1.8 billion in inflows last week .
Industry experts are now predicting that an altcoin ETF may be approved next in the U.S . While this may be the case, it could take years before such an occurrence happens .
Bloomberg Research ETF Analyst James Seyffart told Cryptonews that there is a long way to go before another digital asset gets an ETF in the U.S.
Seyffart further mentioned that he believes Solana (SOL) makes the most sense as the next possible ETF, yet he noted that the SEC is actively calling SOL a security .
“We’ve seen the SEC pivot, but it would likely be years before we see an altcoin ETF,” Seyffart said. “Even if an issuer filed for an ETF tomorrow, it wouldn’t be up for a decision from the SEC until March 2025.”
Seyffart added that he believes that an altcoin ETF will have almost “no shot of approval” in the next year due to the requirements needed for an ETF to be considered in the U.S.
“You need two things for an ETF. First, clarity around whether an asset is a commodity or security,” Seyffart said. “Second, a regulated market that can be surveilled.”
Seyffart pointed out that the Chicago Mercantile Exchange (CME) futures market is federally regulated by the Commodity Futures Trading Commission (CFTC). In the U.S., the CME controls both Bitcoin (BTC) and Ethereum (ETH).
“There currently isn’t a federally regulated or surveilled market that would satisfy the SEC
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