Nikolaos Panigirtzoglou, JP Morgan's managing director and global market strategist, has expressed doubts about the potential success of ETFs for Solana and other assets. He believes the recent approval of spot Ethereum ETFs by the SEC is already pushing the limits, and the ambiguity surrounding Ethereum's classification as a security or commodity raises questions about the approval prospects for other assets.

Panigirtzoglou thinks the SEC's stance suggests that tokens beyond Bitcoin and Ethereum should be treated as securities, indicating a stricter position compared to Ethereum. While there is a possibility of US lawmakers enacting legislation to categorize most cryptocurrencies as non-securities, such legislation does not currently exist. This lack of clarity and the SEC's enforcement actions identifying Solana and other altcoins as securities in various cases cast doubt on the likelihood of Solana ETF approval.

Despite this skepticism, some investors like Brian Kelly believe the approval of ETH ETFs could improve the chances for a Solana ETF. Bloomberg ETF analyst James Seyffart anticipates that a Solana ETF could succeed in the coming years with legislative developments like FIT21, although SOL's security status presents a hurdle. However, prediction market odds are pessimistic, with Polymarket indicating a roughly 13% likelihood of the SEC approving a Solana ETF by the end of 2024.

The regulatory treatment of Solana remains uncertain, with the SEC identifying it as a security in various enforcement actions. While the SEC has not initiated direct enforcement actions against Solana Labs or related entities, the classification of Solana as an investment contract and security in sales involving Simple Agreements for Future Tokens (SAFTs) by Solana Labs raises concerns.

In conclusion, Panigirtzoglou's skepticism about Solana ETFs highlights the regulatory uncertainty surrounding cryptocurrencies. The SEC's stance and enforcement actions suggest a stricter approach, making it challenging for Solana ETFs to gain approval. While some investors remain optimistic, the prediction market odds and regulatory hurdles indicate a difficult path ahead for Solana ETFs.