Wall Street giant JPMorgan Chase has expressed skepticism about the potential approval by the U.S. Securities and Exchange Commission (SEC) of a spot Solana ($SOL) exchange-traded fund (ETF), or on the approval of such a fund offering exposure to other altcoins.

JPMorgan’s managing director and global marketing strategist Nikolaos Panigirtzoglou noted that the SEC’s historical stance is that most cryptocurrencies qualify as securities, and was quoted as saying that the “decision by the SEC to approve ETH ETFs is already stretched given the ambiguity about whether Ethereum should be classified as security or not. “

Panigirtzoglou added that JPMorgan doesn’t believe the regulator would “ go even further by approving Solana or other token ETFs given the SEC has stronger (relative to Ethereum) opinion that tokens outside bitcoin and Ethereum should be classified as securities,” according to The Block.

Panigirtzoglou suggested that a potential shift in regulatory landscape, with U.S. policymakers classifying most cryptocurrencies as non-securities, could pave the way for the SEC to approve a wider range of crypto ETFs.

The comments come shortly after the SEC approved applications from major stock exchanges to list spot Ether exchange-traded funds (ETFs) clearing the path for these products to start trading later this year.

The approval marks a significant shift for the SEC, which has historically been cautious about cryptocurrency and had been investigating whether to deem the second-largest cryptocurrency a commodity or a security.

While the exchange applications were approved, individual ETF issuers including VanEck, ARK Investments, and BlackRock still need the SEC to greenlight their registration statements before trading can begin.

As reported, the potential approval of spot Ether ETFs has helped boost the cryptocurrency market significantly and is a significant step forward in cryptocurrency regulation, according to brokerage firm Bernstein, which suggested that Solana ($SOL) exchange-traded funds could follow.

According to a recent research report from the brokerage firm, which comes ahead of an expected spot Ether ETF application from the U.S. Securities and Exchange Commission (SEC), similar treatment could come to other cryptocurrencies.

In the report, Bernstein analysts Gautam Chhugani and Mahika Sapra noted the see the potential approval as a sign of softening regulatory stance, possibly influenced by the upcoming November elections, adding bey believe that if Donal Trump is elected “crypto could see significant legislative and agency support” with a shift to the SEC’s leadership.

More immediately, the report highlights the potential precedent set by a spot Ether ETF as it would mark the first time a non-Bitcoin blockchain asset is classified as a commodity, potentially opening the door for similar treatment of Ethereum’s rivals, particularly Solana.

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