JPMorgan Is Suspicious of Solana and Other Altcoins

Banking giant JPMorgan has warned about the US Securities and Exchange Commission's (SEC) decision on cryptocurrency ETFs.

The SEC approved the first round of applications for the spot Ethereum ETF last week.

JPMorgan analysts are skeptical that the SEC will approve other ETF applications for Solana (SOL) and other altcoins.

“We are skeptical,” JPMorgan strategist Nikolaos Panigirtzoglou said. Since it is not clear whether Ethereum is a security or not, it has already gone forward with the SEC's approval of ETH ETFs. “Since the SEC has a stronger view that tokens other than Bitcoin and Ethereum are securities, we do not think the SEC will go any further by approving the ETF of Solana or any other token,” he said.

According to Panigirtzoglou, this situation may change if a law is passed in the USA that most cryptocurrencies are not securities. However, there is currently no such law.