JPMorgan has voiced skepticism in regards to the U.S. Securities and Alternate Fee’s (SEC) readiness to approve extra cryptocurrency exchange-traded funds (ETFs), The Block reported.

The SEC final week accredited spot Ethereum ETFs, which had initially fueled optimism amongst buyers and analysts.

JPMorgan’s Nikolaos Panigirtzoglou, managing director and international market strategist, mentioned that the regulator views most cryptocurrencies as securities, casting doubts in extra crypto ETF approvals.

“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 informed The Block.

“We don’t think the SEC 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.”

The significance of this improvement lies in its potential affect on the cryptocurrency market, as ETF approvals are sometimes linked to elevated institutional funding and market stability.

Moreover, the SEC’s selections are indicative of the altering regulatory setting for digital property.

Within the wake of the SEC’s approval Ethereum ETFs, the crypto market has skilled a bullish development, with Solana’s worth approaching US$170.

Monetary establishments like Customary Chartered have predicted that the SEC’s current actions may result in additional ETF approvals, probably for Solana and XRP, by 2025.

Regardless of JPMorgan’s warning, the market has reacted positively to the SEC’s determination on Ethereum ETFs, with U.S. Bitcoin ETFs witnessing favorable inflows, reflecting a lift in investor confidence.

The SEC’s go-ahead for 19b-4 kinds for eight Ethereum ETF candidates has laid the groundwork for buying and selling to start quickly, topic to the SEC’s remaining approval of S-1 registrations.