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JP Morgan Predicts No Approval for Solana and XRP ETFs Despite Ethereum ETF Rally
JP Morgan recently stated that it does not believe the Securities and Exchange Commission (SEC) will approve altcoin exchange-traded funds (ETFs) like Solana (SOL) or XRP, following the approval of Ethereum ETFs.
After the SEC’s approval of Ethereum ETFs, investors turned their attention to other cryptocurrency ETFs, hoping for similar approval. However, JP Morgan’s report suggests that the SEC is unlikely to grant approval for altcoin ETFs, apart from Ethereum.
Nikolaos Panigirtzoglou, the managing director and global market strategist at JPMorgan, expressed doubt about the SEC’s willingness to approve altcoin ETFs due to the commission’s stance that most cryptocurrencies are securities.
Panigirtzoglou believes that unless US policymakers pass a law classifying most cryptocurrencies as non-securities, it is unlikely that any further altcoin ETFs will be approved.
“We have doubts that the SEC will approve any other altcoin ETF other than Ethereum. The SEC’s decision to approve ETH ETFs has already been a lenient one, as there is uncertainty about whether Ethereum should be classified as a security. We don’t expect the SEC to go further and approve Solana or other token ETFs, as we anticipate that altcoins other than Bitcoin and Ethereum will be classified as securities,” Panigirtzoglou explained.
This prediction from JP Morgan aligns with the SEC’s cautious approach to approving ETFs for cryptocurrencies. Despite the growing popularity of altcoins like Solana and XRP, it seems that investors will have to wait for further regulatory clarity before seeing an influx of altcoin ETFs.
In the meantime, cryptocurrency enthusiasts can still trade over 300 cryptocurrencies on the Binance exchange, which offers a 20% commission discount for new registrations.
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