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Previously, investment bank from the United States, JPMorgan, expressed doubts regarding the approval of permits for spot crypto ETFs other than bitcoin and Ether by the US Securities and Exchange Commission (SEC).

JPMorgan managing director and global market strategist Nikolaos Panigirtzoglou sees the SEC's decision to approve Ether ETF licensing as unlikely to be widespread given the uncertainty about whether Ethereum should be classified as a security.

“We are doubtful. The SEC's decision to approve an ETH ETF is already too big considering the ambiguity about whether Ethereum should be classified as a security or not,” said JPMorgan managing director and global market strategist, Nikolaos Panigirtzoglou, quoted from News.bitcoin.com, Tuesday (28/5/ 2024).

“We don't think the SEC will go further by approving Solana or other token ETFs given that the SEC has a stronger opinion (relative to Ethereum) that tokens outside of Bitcoin and Ethereum should be classified as securities,” fia explained.

Panigirtzoglou highlighted the controversial nature of the SEC's decision regarding Ethereum ETFs, which some analysts believe was politically influenced.

He explained that, if US policymakers pass legislation defining most cryptocurrencies as non-securities, the SEC will likely not approve other cryptocurrency spot ETFs.

Many entrepreneurs in the crypto industry, including issuers of Ether spot ETFs, did not anticipate the SEC would approve their applications.

Prior to approval, Panigirtzoglou estimated a 50% chance of the SEC approving an Ether spot ETF permit. Nonetheless, on May 23, the SEC approved eight form 19b-4s for Ether spot ETFs.

SEC Chairman Gary Gensler has consistently stated that most crypto tokens, except Bitcoin, are securities. However, he has not explicitly confirmed that ether is not a security.

Court documents in the US recently revealed that the SEC began a formal investigation into Ether as a potential security last year.