The Block Crypto News19 minutes ago

Published on May 27, 2024 14:00 GMT+00:00edited on May 27, 2024 14:04 GMT+00:00

JPMorgan is skeptical about the United States Securities and Exchange Commission approving Solana and other crypto exchange-traded funds now that Ethereum ETFs have been approved.

Nikolaos Panigirtzoglou, managing director and global market strategist at JPMorgan, told The Block that the investment bank doubts the SEC will approve such funds given its stance that most cryptocurrencies are securities.

"We doubt. The decision by the SEC to approve ETH ETFs is already stretched given the ambiguity about whether Ethereum should be classified as security or not. We don't think the SEC would go even further by approving Solana or other token ETFs given the SEC has stronger (relative to Ethereum) opinion that tokens outside bitcoin and Ethereum should be classified as securities," …