JPMorgan Chase: Expressing doubts about U.S. SEC’s approval of Solana and other cryptocurrency ETFs

Nikolaos Panigirtzoglou, managing director and global market strategist at JPMorgan Chase, expressed the bank’s concerns to The Block, emphasizing the SEC’s strict view on cryptocurrencies. According to Panigirtzoglou, the SEC’s approval of an Ethereum ETF is already a breakthrough as the debate surrounding whether Ethereum is classified as a security continues.

SEC’s strict stance on cryptocurrencies

“We doubt that the SEC will approve an ETF for Solana or other tokens,” Panigirtzoglou said. He noted that the SEC takes a strong stance on the classification of most tokens (with the exception of Bitcoin and Ethereum) as securities. This strict view makes further approval unlikely unless new legislation redefines these classifications.

Panigirtzoglou pointed out that legislative changes may change the SEC’s current course. If U.S. policymakers pass laws deeming most cryptocurrencies not to be securities, the SEC may consider approving more cryptocurrency ETFs. However, he stressed that no such legislation currently exists.

Analyst Expectations for Ethereum ETF

The approved ETF’s S-1 registration still requires final SEC sign-off, which is necessary to begin trading. Analysts expect trading could begin in the coming weeks.

Different Opinions on Future Cryptocurrency ETF Approvals

While JPMorgan remains cautious, other analysts are more optimistic about the future of cryptocurrency ETFs. For example, Standard Chartered’s Geoffrey Kendrick predicts that Solana and XRP ETFs could be approved by 2025. Likewise, TDCowen’s Jaret Seiberg noted that the market may see more cryptocurrency ETFs within the year, including ETFs that include “a combination of cryptocurrencies.”

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