JPMorgan: Solana-based ETF Approval is Unlikely
It is unlikely that the US Securities and Exchange Commission (SEC) will approve spot exchange-traded funds (ETFs) based on Solana or other cryptocurrencies, according to JPMorgan analyst Nikolaos Panigirtzoglou.
The SEC’s decision on approving the ETFs has already been delayed due to the uncertainty surrounding the classification of Ethereum as a security. Panigirtzoglou pointed out the SEC’s stance on most digital assets being considered securities, but noted that this could potentially change in the future.
However, at present there is no legislation in place that would affect this classification. On May 23, the SEC approved 19b-4 filings from issuers of Ethereum-based spot exchange-traded funds.
This decision was deemed political by JPMorgan, as it came just before the US presidential election.
However, the actual trading of these new instruments will only be possible once the Commission signs statements on Form S-1.
