Seyffart indicated that a Solana ETF might be delayed despite growing anticipation within the crypto community following recent discussions surrounding spot Ethereum ETFs.

CFTC-regulated futures market

The Bloomberg ETF expert explained that the timeline for a Solana ETF could extend over several years, influenced by the regulatory environment in the United States. He said:

“Based on current precedent/needs, [it] will happen within a few years of getting a CFTC-regulated futures market. But Congress [and] market structure bills like FIT21 could make it happen quicker.”

He also highlighted that the Solana ETF might face delays due to its classification as a security by the Securities and Exchange Commission (SEC). Unlike Ethereum, the SEC has explicitly labeled Solana as a security in its lawsuits against Coinbase and Kraken. Seyffart added:

“But SEC isn’t dancing around SOL’s status like they have ETH. Those lawsuits against COIN and Kraken and others flat out say ‘Solana is a security.'”

Despite these challenges, Seyffart believes a Solana-based ETF would likely attract more demand than other altcoins ETFs.

Experts debate Solana ETF

Seyffart’s comments come amid increasing community calls for a Solana ETF.

On a recent CNBC show, Brian Kelly, CEO of digital currency investment firm BKCM, suggested that Solana could be the next crypto-based spot ETF to debut in the US.

Additionally, Kelly noted that the SEC’s approval of spot Ethereum ETFs could clarify the market, potentially paving the way for the launch of other crypto-based ETFs.

However, Nate Geraci, president of The ETF Store, believes a spot Solana ETF won’t materialize until a Solana futures product is traded on the Chicago Mercantile Exchange or US lawmakers establish clear crypto regulations. He added:

“Crypto ETF spigot turned off for a while after spot Ethereum ETF approval.”

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