JPMorgan: ETFs for Solana and other assets unlikely to win approval

Solana and other Crypto ETFs are less likely to be approved! Nikolaos Panigirtzoglou, managing director and global market strategist at JPMorgan, said ETFs for Solana and other assets were unlikely to be successfully approved. Today, the editor of this website will share with you a detailed introduction by JPMorgan Chase: Solana and other Crypto ETFs are less likely to be approved. I hope you like it!

Solana and other Crypto ETFs are less likely to be approved

On May 27, Panigirtzoglou believed in a statement to The Block that the SEC The (U.S. Securities and Exchange Commission) recent decision to approve a spot Ethereum ETF is “already stretched.”

Despite the approval, it is unclear whether the SEC considers ETH a security or a commodity.

Panigirtzoglou said the lack of clarity casts doubt on other assets: "We do not believe the SEC will go any further to approve Solana or other token ETFs."

He added: "SEC It believes that tokens other than BTC and ETH should be classified as securities, which is a stronger stance than its stance on ETH itself.”

Panigirtzoglou acknowledged that U.S. lawmakers could enact legislation that would significantly Most crypto assets are classified as non-securities, but he said such legislation does not exist.

There are also some critics who believe that the chances of Solana ETF being approved are relatively optimistic

Crypto asset investor Brian Kelly believes that the approval of ETH ETF may increase the chances of Solana ETF being approved, but he It also acknowledged that SOL's classification as a security was a "potential issue."

Bloomberg ETF analyst James Seyffart expects the Solana ETF to be successful within years as legislation such as FIT21 divides the securities and futures markets. In addition, Seyffart also sees Solana's securities status as a potential challenge.

Polymarket reports that there is about a 13% chance that the SEC will approve the Solana ETF before the end of 2024.

Regardless of how it is handled in the future, the SEC has previously identified Solana and other tokens as securities in multiple enforcement cases.

In its case against Coinbase, the SEC said Solana was one of many tokens offered as investment contracts and securities in past and current sales.

Regulators highlighted Solana Labs’ $23 million Simple Agreements for Future Tokens (SAFTs) as an example of a securities offer and sale. The SEC also called Solana a security in its cases against Binance and Kraken.

However, the SEC did not directly initiate enforcement against Solana Labs or related parties.

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