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SEC notifies managers that it will not approve Solana ETF
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The United States Securities and Exchange Commission (SEC) threw cold water on those who were betting on the approval of the Solana ETF (SOL). Recently, the SEC notified two of the five managers that requested the opening of the fund that it will not approve the requests.
Reports suggest that the regulator will reject their 19b-4 filings, which are ETF application forms. Additionally, Fox Business journalist Eleanor Terrett said on her X account that confirmed the information with the SEC.
The price of SOL did not drop after the news about the ETFs. According to CoinGecko, the cryptocurrency records a loss of 0.1% and is worth US$238. Even with the negative repercussions, analysts still expect SOL to reach US$300 in this bull cycle.
Fox Business journalist Eleanor Terrett said the SEC confirmed the denial in at least two filings. Terrett further stated that the agency has already informed the managers, whose names were not revealed.
SEC will reject Solana ETFs
According to Terrett, industry insiders believe that SEC unlikely to approve new cryptocurrency ETFs under current administration. Therefore, Solana ETFs would likely hit the market only after the start of the Trump administration.
A user on X responded to Terret stating that the odds are still in favor of approval. Responding to this, the journalist wrote: “The SEC will not approve just one or a few and not the others. Remember bitcoin ETFs? Eleven were released on the same day.”
In fact, the SEC’s position did not surprise the market given that the current administration is in its final days. The current president, Gary Gensler, has already announced that he will resign from his position in January. His success, Paul Atkins, will take charge of the agency, and the market expects him to facilitate the approval of requests.
The president of ETF Store, Nate Geraci, was also not surprised by the decision. “Unsurprisingly, there will be no movement in cryptocurrency ETF filings in sight until new leadership is established. The current management of the SEC is a ‘lame duck’”, he explained.
In the US, the expression “lame duck” refers to a president who has lost his power or is at the end of his term. Because of this, their decisions tend not to cause relevant impacts.
On the other hand, cryptocurrency industry participants are turning positive towards the approval of the Solana ETF following the arrival of Paul Atkins in the SEC on January 20. Another reason for optimism was the recent appointment of David Sachs to the role of artificial intelligence and cryptocurrency “czar”, which is also favorable to companies in both sectors.
SEC notifies managers that it will not approve Solana ETF
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SEC notifies managers that it will not approve Solana ETF
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SEC notifies managers that it will not approve Solana ETF
