According to BlockBeats, Nikolaos Panigirtzoglou, the Managing Director and Global Market Strategist at JPMorgan, has expressed skepticism over the approval of Exchange Traded Funds (ETFs) for altcoins by the Securities and Exchange Commission (SEC). Panigirtzoglou's doubts stem from the SEC's stance that most cryptocurrencies should be classified as securities.
In his statement, Panigirtzoglou noted that the SEC's approval of an Ethereum ETF was already a stretch. He further stated that he does not believe the SEC will approve ETFs for other tokens such as Solana, as the regulatory body strongly considers tokens other than Bitcoin and Ethereum to be securities.
Panigirtzoglou added that unless US policymakers pass legislation determining that most cryptocurrencies are not securities, the SEC might approve other cryptocurrency ETFs. However, he pointed out that there is currently no such legislation in place.