Analysts in JP Morganan American multinational investment banking firm, tempered rising expectations for Solana ETF. They cite the SEC's recent enforcement actions on the cryptocurrency industry as a major impediment to creating a Solana ETF.
Solana ETF hopes dashed by JPMorgan analysts
JPMorgan remained skeptical about the potential approval of Solana's exchange-traded fund by the International Monetary Fund US securities. Nikolaos Panigirzoglou, managing director and global market strategist at JPMorgan, said in a statement to TheBlock that he was skeptical about the SEC allowing more cryptocurrency ETFs after it approved Spot Bitcoin ETFs and Ethereum ETFs this year.
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Panigirzoglou dismissed the rising outlook for Solana's ETF, citing the uncertainty surrounding the SEC. Hostile stance on cryptocurrencies. He revealed that the regulatory body's implicit classification of cryptocurrencies as securities could pose a major challenge to the creation of the Solana ETF. “We don’t think the SEC will go any further by approving Solana or other token ETFs,” Panigirzoglou stated.
The analyst also confirmed that the SEC will not approve any tokens overseas Bitcoin and Ethereum, indicating that the regulator believes altcoins other than Bitcoin and Ethereum should be classified as securities.
after Spot Bitcoin ETFs approved on January 10Many expected Ethereum to be the next to get an ETF. True to predictionthe US Securities and Exchange Commission recently approved ETFs for the Ethereum spot market on May 23, after months of multiple application delays from several asset management firms, including Black stoneFidelity, Bitwise and others.
Now with the approval of Spot Bitcoin ETFs and Ethereum Spot ETFs, expectations for more cryptocurrency ETFs are high, with Solana and XRP Being the best choice among other digital currencies.
Panigirtzoglou said that's the only way the SEC will do it Approval of the Solana ETF It is if US policymakers pass legislation deeming cryptocurrencies non-securities. But to date, no such legislation has been approved.
Standard Chartered analysts predict crypto ETFs by 2025
In another statement to TheBlock, analysts at World Bank Cross Borders said: Standard Chartered They maintained a more optimistic outlook on the prospect of a Solana ETF. Jeffrey Kendrick, head of FX and digital assets research at Standard Chartered Bank, expects the SEC to do so. Approval of other crypto ETFs Including the Solana ETF by 2025.
He suggested that the approval of the Ethereum Spot ETF indicates this Ethereum is not classified as a security By the SEC. As such, other cryptocurrencies similar to Ethereum, such as Solana and XRP, which SEC were previously referred to as securitiesThey may also be classified as non-securities.
Kendrick explained that the underlying technologies of Ethereum and other altcoins in the cryptocurrency market are “very similar,” which could pose a challenge for the SEC to legally require that other coins… Cryptocurrencies were securities. This similarity could eventually pave the way for the regulator to consider approving other cryptocurrency ETFs.
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