JPMorgan expressed doubts regarding the possibility of the United States Securities and Exchange Commission (SEC) approving Solana (SOL) and other crypto exchange-traded funds (ETFs) following the approval of Ethereum ETFs. Nikolaos Panigirtzoglou, managing director and global market strategist at JPMorgan, mentioned to The Block that the investment bank is skeptical due to the SEC's stance considering most cryptocurrencies as securities.

Panigirtzoglou highlighted that the SEC's decision to approve ETH ETFs was already a stretch given the uncertainty about Ethereum's classification as a security. He added that the SEC is less likely to approve ETFs for tokens outside of Bitcoin and Ethereum since the SEC holds a stronger opinion that these tokens should be classified as securities.

Panigirtzoglou noted that unless U.S. policymakers pass legislation stating that most cryptocurrencies are not securities, the SEC may consider approving other crypto ETFs. However, such legislation does not currently exist.

Last week, the SEC approved spot Ethereum ETFs abruptly, with analysts speculating that it was a politically motivated decision. The approval came after months of stalled conversations with stakeholders. The SEC approved 19b-4 forms of eight spot Ethereum ETF applicants, with trading expected to commence in the coming weeks once S-1 registrations receive SEC approval. Despite some analysts' optimism about the potential for more crypto ETFs, JPMorgan remains skeptical about the SEC approving ETFs for other cryptocurrencies like Solana and XRP.