CNBC contributor and crypto investor Brian Kelly said Solana is one of the “big three” coins, meaning it’s likely to be the next to receive ETF treatment.

Crypto investor and CNBC ‘Fast Money’ trader Brian Kelly sparked debate on Crypto X on Wednesday after suggesting that Solana (SOL) could be the next cryptocurrency to get a spot exchange-traded fund (ETF) in the United States.

Kelly made the prediction during the CNBC post-market talk show Fast Money on May 22, a day before the Securities and Exchange Commission is due to decide on at least one proposed spot Ether (ETH) ETF.

“The trade now is, who’s next,” asked Kelly, who is also the founder and CEO of the BKCM Digital Asset Fund:

“You’ve got to think about Solana as probably the next one. Bitcoin, Ethereum and Solana are probably the big three for this cycle.”

Some industry observers didn’t agree with Kelly’s prediction.

Nate Geraci, president of The ETF Store, believes a spot Solana ETF won’t exist until a Chicago Mercantile Exchange-traded Solana futures product is listed or Congress puts a legitimate cryptocurrency regulatory framework in place.

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Only Bitcoin (BTC) and Ether (ETH) futures have been approved in the U.S. to date.

Bloomberg ETF analyst James Seyffart shared Geraci’s view, noting such a development would take place “within a few years” of getting a Commodity Futures Trading Commission-regulated market.

Seyffart believes a spot Solana ETF would see more demand than every digital asset outside of Bitcoin and Ether.

However, Seyffart also highlighted that Gary Gensler and the SEC have flagged Solana as a security in previous Coinbase and Kraken lawsuits, which could complicate things for potential future applicants.

Cinneamhain Ventures partner Adam Cochran had a contrarian view, who believes either Litecoin (LTC) or Dogecoin (DOGE) will be the next coin to be included in a spot ETF instead.

“Much lower demand, but cleaner paths,” Cochran said. Both Litecoin and Dogecoin are powered by a proof-of-work consensus mechanism like Bitcoin.

Few ETF issuers have voiced the prospect of filing for a spot Solana ETF.

However, trillion-dollar asset management firm Franklin Templeton recently praised Solana and one of its founders, Anatoly Yakovenko, sparking speculation about whether the firm would consider filing a spot Solana ETF application in the future.

Bitwise’s chief investment officer, Matt Hougan, predicted Solana would be the “crypto asset of 2024” and recently explored real-world use cases on the network that institutions could tap into.