The Zhitong Finance App notes that J.P. Morgan is skeptical about the US Securities and Exchange Commission (SEC)'s tendency to approve more cryptocurrency ETFs, especially after approving Ethereum ETFs.

Nikolaos Panigirtzoglou, managing director and global market strategist at J.P. Morgan Chase, said the investment bank doubts whether the SEC would approve such funds given that most cryptocurrencies are securities. Of course, unless US policymakers finally pass legislation that determines that most cryptocurrencies are not securities, the SEC may approve other cryptocurrency ETFs. However, he said there is currently no such legislation.

Panigirtzoglou also noted that the SEC was not very aggressive and supported its actions, saying it's unclear whether Ethereum is a security. He hinted that tokens other than Bitcoin and Ethereum are more critical than Solana, so the SEC might not approve Solana or other token ETFs.

The SEC faced hurdles in approving more cryptocurrency ETFs due to a lack of legislation treating most cryptocurrencies as non-securities. Panigirtzoglou said such legislation could change the status quo and pave the way for broader approval.

While J.P. Morgan is skeptical, other analysts expect the crypto ETF market to expand. Standard Chartered Bank's Geoffrey Kendrick expects Solana and XRP ETFs to be approved in 2025.

Additionally, TD Cowen's Jaret Seiberg said that more cryptocurrency ETFs may be launched within a year, including ETFs covering various cryptocurrencies. J.P. Morgan is wary of the SEC's approval of Solana and other crypto ETFs, and mixed analyst opinions suggest that the landscape of the crypto market is changing dynamically.