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JPMorgan analysts predict that spot Ethereum ETFs could begin trading much before November, viewing this ETF approval and crypto more broadly as an increasingly political issue ahead of the 2024 U.S. elections. However, JPMorgan casts doubt on the SEC approving additional crypto ETFs, such as Solana and XRP, unless U.S. policymakers pass legislation declaring most cryptocurrencies as non-securities. Analyst Nikolaos Panigirtzoglou highlighted the SEC's position that most cryptocurrencies are considered securities, which complicates the approval process for other crypto ETFs. The skepticism was reported on May 26 and May 27, with JPMorgan referring to Solana and XRP ETFs as a 'fantasy.'
SOL AND XRP ETFS ARE A FANTASY - JPMORGAN REPORT - Banking giant JPMorgan is very skeptical indeed about the prospect of altcoins like $SOL and $XRP following Ethereum in receiving spot ETF approval in the United States. “The decision by the SEC to approve ETH ETFs is already… https://t.co/vmASJnOSQy https://t.co/eMhoBf14PD
🚨 JUST IN: JPMORGAN DOUBTS THE SEC WILL APPROVE SOLANA AND OTHER CRYPTO ETFS DUE TO ITS POSITION THAT MOST CRYPTOCURRENCIES ARE SECURITIES
JPMorgan doesn't foresee the SEC approving additional crypto ETFs, such as a Solana ETF, following the approval of spot Ethereum ETFs. That's unless U.S. policymakers pass legislation declaring most cryptocurrencies as non-securities, analyst Nikolaos Panigirtzoglou told me. https://t.co/Qjs45Voa7P