Quick Take,
JPMorgan doesn’t foresee the SEC approving additional crypto ETFs following spot Ethereum ETFs.
That’s unless U.S. policymakers pass legislation declaring most cryptocurrencies as non-securities, analyst Nikolaos Panigirtzoglou told The Block.
JPMorgan is skeptical about the United States Securities and Exchange Commission approving Solana $SOL and other crypto exchange-traded funds now that Ethereum ETFs have been approved.
Nikolaos Panigirtzoglou, managing director and global market strategist at JPMorgan, told The Block that the investment bank doubts the SEC will approve such funds given its stance that most cryptocurrencies are securities.
"We doubt. The decision by the SEC to approve ETH ETFs is already stretched given the ambiguity about whether Ethereum should be classified as security or not. We don't think the SEC would go even further by approving Solana or other token ETFs given the SEC has stronger (relative to Ethereum) opinion that tokens outside bitcoin and Ethereum should be classified as securities," Panigirtzoglou said.
Unless, of course, U.S. policymakers eventually pass legislation deeming that most cryptocurrencies are not securities, the SEC could approve other crypto ETFs, according to Panigirtzoglou. But currently, no such legislation exists, he said.
