Solana (SOL), XRP ETF Might Not Happen: JPMorgan

Paigambar Mohan Raj
Source: VOI

Global financial institution JPMorgan does not believe that the SEC (Securities and Exchange Commission) will approve other crypto ETFs (Exchange Traded Funds), such as Solana (SOL) or Ripple’s XRP.

JPMorgan analyst Nikolaos Panigirtzoglou stated that the decision to approve an Ethereum (ETH) ETF ‘is already stretched given the ambiguity about whether Ethereum should be classified as security or not.’ Panigirtzoglou further added, ‘We don’t think the SEC would go even further by approving Solana or other token ETFs.

Is there no room for a Solana (SOL) spot ETF?

Source – CoinCentral

The JPMorgan analyst believes that the SEC could approve other ETFs if US policymakers accept that cryptocurrencies are not securities. However, there is no such legislation accepting cryptocurrencies as non-securities.

However, other crypto proponents have opposing beliefs in the crypto ETF debate. According to Anthony Scaramucci, founder of SkyBridge Capital, we could get a Solana (SOL) ETF soon. Scaramucci also served as White House Director of Communications from July 21 to July 31, 2017.

Also Read: Solana: Anthony Scaramucci Predicts SOL ETF Next

Brian Kelly, founder of BKCM, also believes that a SOL ETF will make its debut soon. Kelly stated that Bitcoin, Ethereum, and Solana are the big three of this cycle.

Furthermore, Ripple CEO Brad Garlinghouse said that the approval of an Ethereum (ETH) ETF has opened the possibility of other crypto ETFs being approved. Garlinghouse has also hinted at a possible XRP ETF by liking comments about the same on X.

Also Read: Solana vs Ripple’s XRP: Which Will Get an ETF First?

However, there is no official word on additional crypto ETFs by the SEC. Crypto investors had long prayed for a spot ETF in the US. Their prayers were answered earlier this year when the SEC approved 11 spot Bitcoin (BTC) ETFs. Then in May, the SEC approved the Ethereum ETFs, opening the discussion for more crypto ETFs in the future.