Title: JP Morgan Predicts No ETF Rally for Solana and XRP, Following Ethereum’s Approval
JP Morgan, one of the largest financial institutions in the world, has expressed doubts about the approval of altcoin ETFs like Solana (SOL) and XRP by the U.S. Securities and Exchange Commission (SEC). This comes after the recent approval of Ethereum ETFs by the SEC.
Nikolaos Panigirtzoglou, JPMorgan’s managing director and global market strategist, stated that the SEC’s decision to approve Ethereum ETFs was already a significant step, considering the uncertainty surrounding the classification of Ethereum as a security. However, he believes that the SEC is unlikely to go further and approve ETFs for altcoins like Solana or XRP.
Panigirtzoglou explained that the SEC’s stance on most cryptocurrencies being classified as securities is a significant obstacle for the approval of altcoin ETFs. He suggested that unless U.S. policymakers pass a law stating that most cryptocurrencies are non-securities, it is unlikely that any altcoin ETFs will be approved.
“We have doubts that the SEC will approve any other altcoin ETF other than Ethereum. The SEC’s decision to approve ETH ETFs has already been relaxed given uncertainty about whether Ethereum should be classified as a security. We don’t think the SEC will go any further on the ETF issue by approving Solana or other token ETFs because we expect the SEC to classify altcoins other than Bitcoin and Ethereum as securities,” Panigirtzoglou said.
This prediction by JP Morgan raises questions about the future of altcoin ETFs and their potential to rally in the market. While Ethereum ETFs have gained approval, it remains to be seen whether other altcoins will follow suit.
Investors and cryptocurrency enthusiasts will be closely watching for any developments regarding altcoin ETFs, as they could have a significant impact on the market and provide new investment opportunities.
Please note that this article does not constitute investment advice. To explore investment opportunities in over 300 cryptocurrencies, you can consider registering with Binance exchange with a 20% commission discount using this link.
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