While there have been latest constructive developments within the house of crypto ETFs, together with the approval of 8 Ethereum ETFs, JPMorgan continues to be uncertain concerning the possibilities of the US SEC approving related ETFs for Solana (SOL), XRP, and Shiba Inu (SHIB).
JPMorgan Stance on Crypto ETF’s Approvals
Nikolaos Panigirtzoglou, a managing director and world market strategist at JPMorgan, stated that the latest determination of the SEC to approve Ethereum ETFs was ‘’stretched’’ particularly given the on-going debate on whether or not Ethereum ought to be categorized as a safety.
Panigirtzoglou acknowledged that because the SEC classifies most different cryptos as securities, it’s unlikely that ETFs associated to Solana and Shiba Inu shall be authorized anytime quickly.
”We don’t consider that the SEC would go even additional by approving Solana or different token ETFs given the SEC has stronger (relative to Ethereum) opinion that tokens outdoors bitcoin and Ethereum ought to be categorized as securities,” he defined.
As Panigirtzoglou identified, the chance of extra such merchandise receiving SEC approval is determined by US lawmakers enacting laws that asserts that the majority cryptos will not be securities, which doesn’t have legislative backing for the time being.
Are XRP, SHIB ETF’s Looming?
At the identical time, the Shiba Inu neighborhood is making progress within the creation of a particular ETF. According to a Shytoshi Kusama, who’s credited with involvement within the Shiba Inu ecosystem, took to social media platform X to congratulate Ethereum on its ETF approval whereas suggesting the opportunity of a SHIB ETF.
Moreover, on February 25, a petition was filed on change.org urging Grayscale Investments CEO Michael Sonnenshein to think about launching a Shiba Inu-specific ETF. This has come at a time when there may be growing demand for ETFs that monitor numerous cryptos, comparable to Solana and XRP.
Similarly, Ripple (XRP) traders are carefully observing the continuing case between SEC and Ripple, which is essential for the additional growth of XRP-based monetary devices. However, there are nonetheless authorized points that cloud the opportunity of an XRP ETF, however the firm’s head, Brad Garlinghouse, is assured about its potential.
On the opposite hand, different analysts, comparable to Geoffrey Kendrick from Standard Chartered, maintain the opinion that the SEC doesn’t think about tokens like XRP as securities as a result of they’re based mostly on technological similarities to ETH.
Will there be an XRP ETF in 2025 ?
— Vet 🏴☠️ (@Vet_X0) May 24, 2024
Concurrently, after the approval of Ethereum ETFs, debates about the way forward for ETFs for different cryptocurrencies, comparable to Solana and XRP, have arisen. A ballot carried out by an XRP Ledger validator revealed that 66% of the contributors count on the SEC to approve an XRP ETF by 2025. This view is supported by Standard Chartered who expects approval of each the SOL and XRP ETFs by the identical 12 months.
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