Will Gary Gensler Make His Final Stake in the Cryptocurrency Market Before He Steps Down as SEC Chairman? Here’s the Latest Information

The US Securities and Alternate Fee (SEC), led by outgoing Chairman Gary Gensler, is reportedly getting ready to reject a number of functions for Solana spot ETFs, doubtlessly delaying their approval to the brand new administration underneath President-elect Donald Trump .

Fox Enterprise journalist Eleanor Terrett revealed that a minimum of two of the 5 potential issuers have been notified of the potential rejection by the SEC. Sources recommend the regulator is unwilling to approve new cryptocurrency ETFs within the closing months of the Biden administration. Bloomberg Intelligence analyst Eric Balchunas known as Gensler’s stance a “parting present” for the crypto trade.

One other Bloomberg Intelligence analyst, James Seyffart, echoed that view, pointing to the SEC’s continued classification of Solana as a safety or securities providing as a serious hurdle. ‘If I had been Gensler, I would not settle for any of this. I would go away it to the following director to kind out this mess,” he mentioned.

Regardless of regulatory uncertainty, institutional curiosity in Solana ETFs is rising, with main corporations similar to Bitwise, VanEck, 21Shares and Canary Capital submitting functions. Solana’s attraction comes from its quick and scalable blockchain, which ought to result in vital person exercise and ecosystem progress by 2024.

Eliezer Ndinga, Chief Technique Officer of 21.co, highlighted Solana’s rising institutional momentum: “Solana is sending a message that the good cash is coming this fashion.” SOL is up 160% this yr, additional cementing its place as a rising star within the crypto house.

Wanting forward, analysts predict a big shift within the SEC’s strategy to crypto regulation underneath newly elected President Trump. New SEC Chairman Paul Atkins, a famous advocate of digital asset innovation, is anticipated to take a extra cohesive stance on the company.

Trump’s pro-crypto regulatory staff, which incorporates Treasury Secretary nominee Scott Bessent and Commerce Secretary nominee Howard Lutnick, is pointing to a possible inexperienced mild for crypto-focused monetary merchandise. Analysts like Seyffart imagine that the approval of Solana ETFs underneath the brand new administration is a matter of “when, not if.”

Gary Gensler’s time period as SEC chairman ends on January 20, and crypto market individuals might be conserving an in depth eye on how the brand new administration handles the Solana ETF filings. Bloomberg’s Balchunas expects issuers to enroll once more underneath Paul Atkins if Gensler blocks approvals earlier than he leaves workplace.

*This isn’t funding recommendation.