Bloomberg Intelligence Research Analyst James Seyffart in an exclusive interview with Kitco News Chief Anchor and Editor-in-Chief Michelle Makori, spot Ethereum He offered an inside look at the unexpected approval of his ETFs by the SEC.

As the conversation progressed, Makori Solana He highlighted industry buzz around the possibility of an ETF. He cited recent comments from Ripple CEO Brad Garlinghouse suggesting Solana and Ripple’s XRP could be among those next in line for ETF approval.

Seyffart says a Bitcoin ETF will come before an Ethereum ETF and other of cryptocurrencies He reiterated his pre-approval views that there would be a significant delay before we see similar approvals.

“The SEC has no problem calling Solana a security at this time,” Seyffart said, pointing to ongoing lawsuits involving Kraken and Coinbase in which Solana was specifically mentioned. He noted that the classification of cryptocurrencies as securities or commodities is a critical hurdle for ETF approval.

Even if Solana is ultimately deemed a commodity, another major challenge remains: the SEC’s requirement for a market that can be effectively monitored to prevent fraud and manipulation. Current Bitcoin and Ethereum ETFs rely on CME futures for this purpose, and this structure is not currently available for Solana.

Despite current political and regulatory dynamics, Seyffart predicts a Solana ETF is unlikely to happen before 2026.

*This is not investment advice.

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