As the US Securities and Exchange Commission (SEC) progresses with the approval of spot Ethereum exchange-traded funds (ETFs), industry leaders are speculating whether Solana is the next potential candidate.

Indeed, many experts believe Solana could be next in line for an ETF, given its growing prominence in the cryptocurrency market.

Is a Spot Solana ETF Next?

SEC Chair Gary Gensler announced that spot Ethereum ETFs are expected to launch this summer. Gensler emphasized the positive progress in the final approval process, with the last registration requirements being managed at the staff level.

With this development, investors are keen to see which cryptocurrency will follow Ethereum’s lead.

“You got to think about Solana as probably the next one. Bitcoin, Ethereum, and Solana are probably the biggest three in this cycle,” Brian Kelly, a CNBC presenter, stated.

Joe McCann, CEO at Asymmetric, echoed this sentiment, believing that interest in Solana stems from those who missed out on Ethereum’s earlier success.

“I think Solana is probably going to be next… there is actually some interest in Solana, mostly because people missed the Ethereum trade in the last cycle,” McCann commented.

Meanwhile, Anthony Pompliano, an investor at Pomp Investments, detailed his strategic move from Ethereum to Solana. Despite this shift, he noted that discussions about Solana ETFs among regulators have yet to gain traction.

“I sold Ethereum at the end of last year, beginning of this year, whatever it was, and I bought Solana instead. It was very much a decision like I think that Solana is going to outperform Ethereum moving forward. So far, I think that has been true, but I don’t hear any talk of a Solana ETF in the US,” Pompliano said.

Read more: Solana vs. Ethereum: An Ultimate Comparison

However, not everyone is convinced that a Solana ETF should be immediately approved. This cautious approach highlights the regulatory challenges that Solana faces.

“No Solana ETF until either CME-traded Solana futures exist or Congress puts a legit crypto regulatory framework in place… Crypto ETF spigot turned off for a while after spot Ethereum ETF approval,” Nate Geraci, President of the ETF Store, stated.

James Seyffart, a Research Analyst at Bloomberg, provided further insight into the potential timeline.

“[A Solana ETF] will happen within a few years of getting a CFTC regulated futures market… think a Solana ETF would see most demand vs other digital asset. But the SEC isn’t dancing around Solana’s status like they have Ethereum. Those lawsuits against Coinbase and Kraken and others flat out say ‘Solana is a security,'” Seyffart noted.

Read more: 6 Best Platforms To Buy Solana (SOL) in 2024

As market analysts watch closely, the potential for an ETF remains a topic of debate. Nonetheless, Polymarket, a prediction market, reports a 7% chance of a Solana spot ETF approval in 2024. The betting pool of just over $192,000 suggests that the proposition is not yet attractive to speculators.