US SEC Swatting Down Solana (SOL) ETFs Prior to Administration Change: Report

The U.S. Securities and Trade Fee (SEC) has reportedly rejected Solana (SOL)-based exchange-traded fund (ETF) purposes within the remaining weeks of Gary Gensler’s tenure as chairman of the regulator.

Fox Enterprise journalist Eleanor Terrett, citing unnamed sources: say the SEC has notified at the least two of the 5 SOL ETF candidates that their filings shall be rejected.

Terrett additionally says the present SEC administration has no plans to greenlight any of the opposite purposes.

Monetary corporations VanEck, 21Shares, Canary Capital and Bitwise have all utilized to supply SOL ETFs, and crypto asset supervisor Grayscale additionally just lately utilized to transform its Solana Belief into an exchange-traded fund.

Eric Balchunas, senior ETF analyst at Bloomberg, predicts the businesses will try this reapply with the brand new SEC regime subsequent 12 months.

“This was it [Gensler’s] parting present I believe.”

Following Donald Trump’s election victory final month, Gensler introduced he would resign in January, on the president-elect’s inauguration day. The SEC chairman’s time period would run till 2026.

Below Gensler’s management, the securities watchdog launched high-profile enforcement actions towards many crypto firms, together with trade giants Binance, Kraken, Coinbase, Ripple Labs, Uniswap Labs and Consensys.

Trump selected former SEC commissioner and present Patomak Companions CEO Paul Atkins to go the regulatory company.

In 2022, whereas at Patomak, Atkins written a letter noting that as People grow to be extra aware of crypto belongings, they could grow to be excited by buying them for his or her retirement plans.

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