CDS Crypto News Breaking Crypto News – Why is JP Morgan Skeptical about Regulatory Approval for Solana ETF and Others?
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Breaking Crypto News – Why is JP Morgan Skeptical about Regulatory Approval for Solana ETF and Others?

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Breaking Crypto News - Why is JP Morgan Skeptical about Regulatory Approval for Solana ETF and Others?

Breaking Crypto News – Key Factors Influencing Regulatory Approval for Solana ETF

Breaking Crypto NewsETFs for Solana and other assets are unlikely to be successful, according to Nikolaos Panigirtzoglou, managing director and global market strategist at JP Morgan. Panigirtzoglou claimed that the SEC’s latest decision to authorize spot Ethereum ETFs was “already stretched” in a statement on May 27. Even after the approvals, it’s unclear if the SEC views ETH as a commodity or a security. According to Panigirtzoglou, the ambiguity raises questions about additional resources.

We don’t think the SEC would go even further by approving Solana or other token ETFs.

Panigirtzoglou

Although such legislation does not already exist, Panigirtzoglou recognized that US lawmakers may draft laws to categorize the majority of cryptocurrencies as non-securities.

Solana ETF Approval Probability is 13%, According to Polymarket

Solana ETF Approval Probability is 13%, According to Polymarket
Breaking Crypto News - Why is JP Morgan Skeptical about Regulatory Approval for Solana ETF and Others? 1

About the prospects of a SOL ETF, other analysts are more upbeat. Though he acknowledged that SOL’s status as a security is a problem, cryptocurrency investor Brian Kelly thinks the approvals of ETH ETFs could boost the chances of a Solana ETF approval.

James Seyffart, a Bloomberg ETF expert, believes that Solana ETFs will be successful in a few years thanks to laws like FIT21 that will define the securities and futures markets. In the same way, he saw Solana’s security status as a possible problem. Prediction market odds are poor, though. According to Polymarket, there is a about 13% possibility that before the end of 2024, the SEC will approve a Solana ETF.

FAQ

Who is Nikolaos Panigirtzoglou?

Nikolaos Panigirtzoglou works for J.P. Morgan as a Managing Director. He focuses on global market strategy, which includes digital assets and alternatives, from London. One of J.P. Morgan’s signature publications, Flows & Liquidity, is edited by him every week. 2004 saw him join JPMorgan.

Is there an ETF for Solana?

According to Standard Chartered, Solana and XRP from Ripple may be the next to be designated as spot ETFs. Analyst Geoffrey Kendric predicted that this would not likely occur until 2025 in a note.

For more up-to-date crypto news, you can follow Crypto Data Space.

Breaking Crypto News - Why is JP Morgan Skeptical about Regulatory Approval for Solana ETF and Others?
Written by
lectertodd

Lectertodd is 25 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

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