Yesterday, the SEC approved spot Ethereum ETFs from BlackRock, Fidelity, Grayscale, and other companies. The focus has now shifted to which cryptocurrencies could be next in line for an ETF, with Solana being a top contender. However, considering past precedents and the SEC's stance on certain cryptocurrencies, it seems unlikely that spot ETFs beyond Bitcoin and Ethereum will be approved anytime soon.

The U.S. Securities and Exchange Commission gave the green light to 19b-4 forms for eight spot Ethereum exchange-traded funds from firms like BlackRock and Fidelity on Thursday. Nevertheless, the road to approval for other spot crypto ETFs in the U.S. appears to be long.

While the spot Ethereum ETF issuers are waiting for their S-1 registration statements to become effective before trading starts—a process that could take days or weeks—attention has turned to cryptocurrencies that might follow suit with an ETF, with Solana emerging as a frontrunner.

Anthony Scaramucci, former White House Communications Director and managing partner at SkyBridge, expressed optimism about a Solana ETF being next. Following the spot Ethereum ETF approvals, Scaramucci posted, "We are going to get a SOL ETF, get ready."

CNBC presenter Brian Kelly also speculated on the possibility of an ETF for Solana, considering it as the next likely candidate after Bitcoin and Ethereum. "You got to think about Solana as probably the next one," Kelly remarked.

Joe McCann, a Solana investor and the founder, CEO, and CIO of crypto fund Asymmetric, echoed similar sentiments, indicating that if another ETF is approved, it would likely be for a cryptocurrency like Solana. However, he acknowledged a potential hurdle for Solana and other cryptocurrencies, citing language in the Coinbase lawsuit that could impact their prospects.

The issue of "unregistered security" status has been a significant concern for some cryptocurrencies, with Solana among those named by the SEC. This designation presents a challenge for these cryptocurrencies, unlike Bitcoin, which has not faced such classification, and Ethereum, which received a similar "commodity-based" status in the recent ETF approvals.

Another factor affecting the potential approval of Solana ETFs is the SEC's scrutiny of staking cryptocurrencies. The SEC has raised concerns about staking features violating securities laws, which has prompted issuers to remove such features from their spot Ethereum ETF filings.

Considering the regulatory landscape and market dynamics, a Solana ETF, or any other spot crypto ETF in the U.S., may not materialize anytime soon. Factors like the existence of CME-traded futures for Solana and the potential passage of regulatory bills like FIT21 could influence the timeline for a spot Solana ETF approval.