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SEC Likely to Reject All Solana ETF Applications Under Current Administration

by Sham
December 6, 2024
in Crypto, Featured, Finance
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SEC Likely to Reject All Solana ETF Applications Under Current Administration
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• SEC is set to reject applications for spot Solana (SOL) exchange-traded funds (ETFs)
• The SEC has notified at least two of the five issuers seeking approval for a SOL ETF
• The SEC is expected to approve or reject all SOL ETF applications together, similar to how multiple Bitcoin ETFs were approved on the same day

In a recent development, the U.S. Securities and Exchange Commission (SEC) is reportedly poised to reject applications for spot Solana exchange-traded funds (ETFs). According to reports, the regulator has already informed at least two of the five issuers seeking approval for such a product.

JUST IN: 🇺🇸 SEC is expected to reject applications for Solana $SOL Spot ETFs under the current administration, delaying approval until new leadership takes charge in 2025. pic.twitter.com/kbJm1V7Pym

— BlockNews (@blocknewsdotcom) December 6, 2024

The Current Landscape of Solana ETFs Application

The SEC has been actively communicating with applicants of the Solana ETF, with at least two out of five issuers already notified of impending rejection. Fox News reporter, Eleanor Terrett, shares that the general consensus suggests that the SEC is not likely to entertain new crypto ETFs under the current administration.

The Race to Launch Crypto ETFs

The recent filing for Solana ETFs commenced with asset management firms aiming to provide investors with direct access to Solana’s market. VanEck led the charge by submitting the first 19b-4 application with the SEC in late June. Other firms like 21Shares and Canary Capital soon followed, with applications from Bitwise and Grayscale coming in after the November presidential elections.

The SEC’s Application Process for Crypto ETFs

The process for firms desiring to launch crypto ETFs begins with a 19b-4 application submitted to the SEC. This application outlines the proposed product, its structure, trading mechanisms, and how it complies with securities regulations. While a rejection can delay the applications, these companies are still able to seek approval under the upcoming new SEC leadership.

coinspeaker.com

The Future of Solana ETFs and Crypto Products

Moving forward, it is expected that Solana ETFs will follow a similar trajectory as Bitcoin ETFs, with issuers receiving approval all at once. The return of Trump to the White House has triggered a surge for more crypto-based products on Wall Street. Bitwise, for example, recently submitted an application for an ETF based on its existing 10 Crypto Index Fund. Crypto firms are also anticipating Ether funds to welcome regulated staking features in 2025.

Conclusion

Regardless of the SEC’s current stance, the push for Solana ETFs indicates a continuous evolution and adoption of cryptocurrency in traditional financial markets. As we await the decision of the SEC, it is clear that the demand for crypto-based products remains strong. Only time will tell how this will shape the future of cryptocurrency trading and investment.

Tags: crypto ETFsEleanor TerrettsecSolana ETFVanEck
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