JP Morgan managing director and global market strategist Nikolaos Panigirtzoglou expressed skepticism about the success of ETFs for Solana (SOL) and other assets. In a May 27 statement to The Block, he argued that the SEC’s approval of spot Ethereum ETFs is already pushing boundaries.

Panigirtzoglou pointed out the uncertainty surrounding whether the SEC views ETH as a security or a commodity despite the approvals, casting doubt on other assets. He stated, "We don’t think the SEC would go even further by approving Solana or other token ETFs," adding that the SEC considers tokens other than BTC and ETH to be securities.

While acknowledging that US lawmakers could potentially classify most cryptocurrencies as non-securities, Panigirtzoglou noted that no such legislation currently exists.

Others are more optimistic about SOL ETFs. Crypto investor Brian Kelly believes ETH ETF approvals could improve the chances for a Solana ETF, though SOL’s security status remains a concern. Bloomberg ETF analyst James Seyffart expects a Solana ETF to succeed within a few years if legislation like FIT21, which would define securities and futures markets, is enacted. However, he also recognized Solana's security status as a challenge.

Prediction market Polymarket reports a roughly 13% chance that the SEC will approve a Solana ETF by the end of 2024.

The SEC has previously identified Solana and other altcoins as securities in various enforcement cases. In its case against Coinbase, the SEC labeled Solana as one of many tokens offered as investment contracts and securities. The SEC has highlighted Solana Labs' $23 million Simple Agreement for Future Tokens (SAFTs) as an example of a securities offering. However, the SEC has not directly initiated enforcement against Solana Labs or related parties.