JPMorgan Chase: Solana and other Crypto ETFs are less likely to be approved
source:cryptoslate
Compile:Blockchainknight
Nikolaos Panigirtzoglou, managing director and global market strategist at JPMorgan, said ETFs for Solana and other assets are unlikely to be successfully approved.
In a statement to The Block on May 27, Panigirtzoglou argued that the SEC’s (U.S. Securities and Exchange Commission) recent decision to approve a spot Ethereum ETF “is already stretched thin.”
Despite approval,But it is unclear whether the SEC considers ETH to be a security or a commodity.
Panigirtzoglou said the lack of clarity casts doubt on other assets: “We don’t think the SEC will go any further than approving a Solana or other token ETF.”
He added: “The SEC believes thatAll tokens except BTC and ETH should be classified as securities, which is a tougher stance than its stance on ETH itself.”
Panigirtzoglou acknowledged that U.S. lawmakers could enact legislation that would classify most crypto assets as non-securities, but he said such legislation does not exist.
Some critics are optimistic about the Solana ETF’s chances of approval..
Crypto asset investor Brian Kelly believes that the approval of the ETH ETF may increase the chances of approval of the Solana ETF, but he also admits that SOL’s classification as a security is a “potential problem.”
Bloomberg ETF analyst James Seyffart expects the Solana ETF to be successful in a few years as legislation such as FIT21 separates the securities and futures markets. In addition, Seyffart also believes that Solana’s security status is a potential challenge.
Polymarket reports that the probability of the SEC approving the Solana ETF by the end of 2024 is about 13%.
Regardless of how the future is handled,The SEC has previously determined that Solana and other tokens are securities in multiple enforcement cases..
In case against Coinbase, SEC says Solana is an investmentcontractOne of many tokens offered by and securities, both in past and current sales.
Regulators stress that Solana Labs isXiaobai NavigationThe $23 million Simple Agreements for Future Tokens (SAFTs) are an example of an offer and sale of securities. The SEC has also called Solana a security in its cases against Binance and Kraken.
However, the SEC did not initiate direct enforcement against Solana Labs or related parties.
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