JPMorgan is skeptical of approval from the U.S. Securities and Exchange Commission. Solana brush
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And now there are other cryptocurrency exchange-traded funds with an approved Ethereum ETF.
Nikolaos Panigirtzoglou, managing director and global markets strategist at JPMorgan, told The Block that the investment bank doubts the SEC would approve such funds given its stance that most cryptocurrencies are securities.
“We are skeptical. The SEC’s decision to approve the ETH ETF has already been extended given the ambiguity over whether Ethereum should be classified as a security. We are skeptical that the SEC will approve Solana or any other token ETF by approving it. I don’t think it will go any further,” Panigirtzoglou said.
Of course, the SEC may approve other cryptocurrency ETFs unless U.S. policymakers eventually pass legislation deeming most cryptocurrencies not securities, Panigirtzoglou said. But no such legislation currently exists, he said.
SEC approves spot Ethereum ETF
Last week, the SEC suddenly approved a spot Ethereum ETF, a decision that several analysts said was politically motivated as the SEC re-engaged with stakeholders at the last minute after months of stalled talks.
On May 23, the SEC approved the Form 19b-4s of eight spot Ethereum ETF applicants: Grayscale, Bitwise, BlackRock, VanEck, Ark 21Shares, Invesco, Fidelity, and Franklin, all in one omnibus order. The ETF’s S-1 registration is still pending. SEC approval for funds to begin trading. Several analysts expect the deal to begin in the coming weeks.
JPMorgan isn’t as optimistic about the SEC approving another cryptocurrency ETF, but some other analysts say the recent liquidation of the spot Ethereum ETF means we could see more cryptocurrency ETFs involving other cryptocurrencies and tokens in the market. said.
Last week, Standard Chartered Bank’s Geoffrey Kendrick said he expected approval of the Solana and XRP ETF in 2025. TD Cowen’s Jaret Seiberg said the market could see more cryptocurrency ETFs within a year, including one that offers a “basket of cryptocurrency tokens.” .
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