The following content comes from KOL: Phyrex @Phyrex_Ni
A cheeky answer:
1. Meme is not possible because the ETF is supported by a consortium.
2. Currently, only tokens that are considered non-securities by the SEC are possible. Currently, non-securities are #BTC, #ETH, #BCH, #LTC and #DOT.
3. Non-securities may not necessarily be eligible for application, as sufficient consensus is required, which is related to the first point.
4. It is impossible for a token to be sued by the SEC or be on the prosecution list. ps: ETH has not been sued and is not on the prosecution list. ps2: There are currently 11 tokens on the SEC prosecution list, of which SOL and CHZ are the most likely.
5. POS is not the reason for restricting the application of spot ETF.
Many friends mentioned Doge, but in fact, the possibility of Doge passing is much lower than SOL. The market operation is tailor-made for Doge. At present, there will be no third Token passed except #BTC and #ETH, but in the long run, from the consensus level, #SOL has a chance, but the prerequisite is to get rid of the entanglement of the SEC, which is very, very, very difficult.
Even if Gary steps down, the lawsuit between the SEC and Coinbase will continue, and the two projects that the SEC focuses on are $SOL and $CHZ. Although no lawsuit has been filed yet, it has been made very clear in Coinbase’s court documents and used as a typical example. According to the SEC’s style, it must have already obtained a lot of evidence.
What is more critical is that Ripple and some media are actually misleading the public. It is necessary to know very clearly that #Ripple did not win the lawsuit from the SEC. Ripple still lost the case and had to pay a sky-high fine. Now Ripple is preparing to appeal, the lawsuit is not over yet, and the SEC will definitely appeal Judge Torres's "exchange sales are not securities."
If SOL can win the lawsuit from the SEC and prove that it is not a security, then there is indeed a great chance that SOL can pass the spot ETF, but this path is not feasible without annual calculations, so SOL is unlikely to become the third spot ETF to pass. Although #BCH and #LTC meet the non-securities requirement, there is not enough consensus.
Also, don’t even think about Meme and platform coins. There is no chance of that happening.
Some friends also said that #Link is also unlikely. It doesn’t mean that it is not a security if it has not been named by the SEC, but the SEC may not have paid attention to it. For the SEC, the most important thing is the certainty of the winning rate and the ability to serve as a deterrent. So after the SEC has tackled Ripple, the next target is Solana. Ripple was much more powerful than Solana at the beginning, but it was defeated.
