tl;dr
JP Morgan analysts have tempered expectations for a Solana ETF, citing the SEC's recent enforcement actions on the crypto industry as a major barrier. They expressed skepticism about the SEC authorizing more cryptocurrency ETFs, indicating that the regulator believes altcoins other than Bitcoin and ...
JP Morgan analysts have expressed skepticism about the approval of a Solana ETF by the US SEC. They point to the SEC's recent enforcement actions on the crypto industry, suggesting that the regulator's stance on altcoins as securities could hinder the establishment of a Solana ETF. Nikolaos Panigirtzoglou, managing director at JP Morgan, emphasized the SEC's approval of Spot Bitcoin and Ethereum ETFs but cast doubt on the potential authorization of a Solana ETF.
According to Panigirtzoglou, the SEC's implied classification of altcoins as securities presents a significant challenge to a Solana ETF's approval. He also indicated that the SEC's reluctance extends beyond Bitcoin and Ethereum, potentially impacting other altcoins, including Solana.
On the other hand, analysts at Standard Chartered Bank are more optimistic, predicting that the SEC could approve a Solana ETF by 2025. Geoffrey Kendrick, head of forex and digital assets research at Standard Chartered, drew parallels between Ethereum and Solana, suggesting that the approval of an Ethereum Spot ETF signals a potential shift in the SEC's classification of certain cryptocurrencies as non-securities.
Kendrick contended that the similarities between Ethereum and other altcoins could pose a legal challenge for the SEC to classify them as securities, potentially opening the door for the approval of other crypto ETFs. This positive outlook contrasts JP Morgan's skepticism, hinting at the ongoing debate surrounding the regulatory future of Solana and other cryptocurrencies.