Global financial institution JPMorgan does not believe that the SEC (Securities and Exchange Commission) will approve other crypto ETFs (Exchange Traded Funds) such as Solana (SOL) or Ripple's XRP.
JPMorgan analyst Nikolaos Panigirtzoglou declared that the decision to approve an Ethereum (ETH) ETF'is already stretched given the ambiguity over whether Ethereum should be classified as a security or not.' Panigirtzoglou further added: 'We don't think the SEC would go further by approving Solana or other token ETFs.'
Is there no room for a Solana (SOL) spot ETF?
The JPMorgan analyst believes the SEC could approve other ETFs if US policymakers accept that cryptocurrencies are not securities. However, there is no legislation that accepts cryptocurrencies as non-securities.
However, other crypto proponents have opposing views in the crypto-ETF debate. According to Anthony Scaramucci, founder of SkyBridge Capital, we could soon be getting a Solana (SOL) ETF. Scaramucci also served as White House Communications Director from July 21 to July 31, 2017.
Also read: Solana: Anthony Scaramucci predicts the next SOL ETF
Brian Kelly, founder of BKCM, also believes that a SOL ETF will make its debut soon. Kelly stated that Bitcoin, Ethereum and Solana are the big three of this cycle.
Additionally, Ripple CEO Brad Garlinghouse said the approval of an Ethereum (ETH) ETF has opened up the possibility of other crypto ETFs being approved. Garlinghouse has also hinted at a possible XRP ETF by liking comments about it on X.
Also Read: Solana vs. Ripple's XRP: Which One Gets an ETF First?
However, there has been no official word on additional crypto ETFs by the SEC. Crypto investors had long prayed for a spot ETF in the US. Their prayers were answered earlier this year when the SEC approved 11 spot Bitcoin (BTC) ETFs. Then, in May, the SEC approved Ethereum ETFs, opening the discussion for more crypto ETFs in the future.