JP Morgan managing director and global market strategist Nikolaos Panigirtzoglou said ETFs for Solana (SOL) and other assets are unlikely to succeed.In a statement to The Block on May 27, Panigirtzoglou argued that the SEC’s recent decision to approve spot Ethereum ETFs is “already stretched.”Whether the SEC considers ETH a security or a commodity is unclear despite the approvals.Panigirtzoglou said the lack of clarity casts doubt on other assets, stating:“We don’t think the SEC would go even further by approving Solana or other token ETFs.”He added that the SEC believes tokens other than BTC and ETH should be classified as securities, a stronger stance than its one toward ETH itself.Panigirtzoglou acknowledged that US lawmakers could create legislation to classify most cryptos as non-securities but said such legislation does not exist.Some commentators are more optimistic about the chances of a SOL ETF.Crypto investor Brian Kelly believes ETH ETF approvals could increase the odds of a Solana ETF approval but acknowledged that SOL’s status as a security is an issue.Bloomberg ETF analyst James Seyffart expects a Solana ETF to succeed within years with legislation such as FIT21, which will delineate securities and futures markets. He similarly recognized Solana’s security status as a potential challenge.Prediction market odds are low. Polymarket reports an approximately 13% chance that the SEC will approve a Solana ETF by 2024-end.Regardless of future treatment, the SEC has previously identified Solana and other altcoins as securities in various enforcement cases.In its case against Coinbase, the SEC said that Solana was one of many tokens offered as an investment contract and security, both in past and present sales.The regulator has highlighted Solana Labs’ $23 million Simple Agreement for Future Tokens (SAFTs) as one example of an offer and sale of securities. It has also called SOL a security in cases against Binance and Kraken.However, the SEC has not initiated an enforcement against Solana Labs or related parties directly.Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada’s West Coast.AJ, a passionate journalist since Yemen’s 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting. Stay ahead in the crypto game: Follow us on X for daily updates and analysis.The S-1 filing follows the SEC’s approval of NYSE Arca’s proposed rule change on behalf of ProShares.Rob Marrocco believes crypto ETFs beyond Bitcoin and Ethereum are unlikely without first establishing a futures market or changing regulation.Ripple said Standard Custody CEO Jack McDonald would help the firm achieve its USD-backed stablecoin plans.The examinations will determine S&C’s awareness of FTX misconduct and potential conflicts during SBF’s Robinhood shares acquisition.Rob Marrocco believes crypto ETFs beyond Bitcoin and Ethereum are unlikely without first establishing a futures market or changing regulation.Solana’s established dominance tested by Base’s impressive user and transaction surge.Solana’s validators MEV earnings have outsripped that of the Ethereum blockchain.Launched just over a week ago on the Solana blockchain, the MOTHER token has already reached a market capitalization of $186 million.CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
