JPMorgan believes the SEC will not likely approve Solana ETFs and any other crypto ETFs after approving Ethereum exchange-traded funds.
According to JPMorgan managing director and global markets strategist Nikolaos Panigirtzoglou, the investment bank believes the SEC's stance that most cryptocurrencies are securities makes it unlikely to approve such funds.
Panigirtzoglou has stated the decision to approve Ethereum ETFs was already a stretch, and the SEC is unlikely to extend it further to approve Solana or other token ETFs, given its stronger view that tokens beyond Bitcoin and Ethereum should also be classified as securities.
He has suggested that unless US policymakers pass legislation clarifying the classification of cryptocurrencies, the SEC may not approve such funds.