Compiled by: Blockchain Knight
Nikolaos Panigirtzoglou, managing director and global market strategist at JPMorgan, said that ETFs for Solana and other assets are unlikely to be successfully approved.
In a statement to The Block on May 27, Panigirtzoglou believed that the SEC's recent decision to approve a spot Ethereum ETF was "stretched to the limit."
Despite its approval, it is unclear whether the SEC considers ETH to be a security or a commodity.
Panigirtzoglou said the lack of clarity casts doubt on other assets: "We don't think the SEC will go any further to approve Solana or other token ETFs."
He added: "The SEC believes that tokens other than BTC and ETH should be classified as securities, which is a tougher stance than its stance on ETH itself."
Panigirtzoglou acknowledged that U.S. lawmakers could enact legislation to classify most Crypto assets as non-securities, but he said such legislation does not exist.
Some critics are optimistic about the chances of Solana ETF approval.
Crypto asset investor Brian Kelly believes that the approval of the ETH ETF may increase the chances of Solana ETF approval, but he also admits that SOL's classification as a security is a "potential problem."
Bloomberg ETF analyst James Seyffart expects Solana ETF to be successful in a few years as legislation such as FIT21 divides the securities and futures markets. In addition, Seyffart also believes that Solana's security status is a potential challenge.
Polymarket reports that the SEC has about a 13% chance of approving the Solana ETF by the end of 2024.
Regardless of the future treatment, the SEC has previously identified Solana and other tokens as securities in multiple enforcement cases.
In the case against Coinbase, the SEC said Solana was one of many tokens offered as investment contracts and securities, both in past and current sales.
The regulator highlighted Solana Labs’ $23 million “Simple Agreement for Future Tokens” (SAFTs) as an example of an offer and sale of securities. The SEC also called Solana a security in its cases against Binance and Kraken.
However, the SEC did not initiate direct enforcement against Solana Labs or related parties.
Geoff Kendrick, Head of Digital Asset Research at Standard Chartered, stated that due to the bullish setup of cryptocurrencies, Bitcoin's price could still more than double this year. Kendrick reaffirmed the company's price target of $150,000 during an interview with BNN Bloomberg last week, indicating a 127% increase in Bitcoin by the end of this year.
MiyukiFTX's bankruptcy estate aims to fully reimburse claimants by the end of 2024, offering hope after nearly two years since the exchange's collapse. Despite positive news, challenges persist, including disputes over the fairness of the repayment plan and legal issues surrounding FTX's leadership. The path to reimbursement remains uncertain for users awaiting closure amidst ongoing complexities within the bankruptcy process.
SanyaGolden Finance launches the 2282nd issue of the cryptocurrency and blockchain industry morning report "Golden Morning 8:00" to provide you with the latest and fastest digital currency and blockchain industry news.
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