The United States Securities and Exchange Commission (SEC) is prepared to reject requests in line for Solana exchange-traded funds (ETFs).
The monetary regulator has notified at the least two of the 5 issuers looking for approval for a Solana ETF (SOL), Fox News reporter Eleanor Terrett reported.
“The consensus here, I am told, is that the SEC will not consider new cryptocurrency ETFs under the current administration.”
Terrett.
Recent Solana ETF Applications
Several asset administration corporations have just lately filed functions for Solana ETFs with the intention of offering traders with direct publicity to the Solana market.
VanEck was the primary asset administration agency to submit a 19b-4 software to the regulator on June 27, adopted by 21Shares on June 28 and Canary Capital on the finish of October. After Donald Trump’s victory within the presidential elections on November 6, Bitwise and Grayscale They additionally submitted functions for a Solana-based fund.
The course of to launch cryptocurrency ETFs begins with a 19b-4 software filed with the SEC. This doc describes the proposed product and consists of particulars on the constructionbuying and selling mechanisms and compliance with securities laws.
Future adjustments on the SEC and expectations for ETFs
Although a rejection may delay present functions, firms can nonetheless search approval below the company’s incoming management. On December 4, Trump nominated Paul Atkinsa cryptocurrency coverage skilled, to lead the SEC, fulfilling one in every of his marketing campaign guarantees to substitute present Chairman Gary Gensler.
Terrett anticipates that Solana ETFs will obtain the identical therapy as Bitcoin ETFs, with all issuers receiving approval on the identical day.
“The SEC will not approve just one or a few and reject the rest. Remember Bitcoin ETFs: eleven were launched on the same day.”
Terrett.
Trump’s return to the White House has fueled a race for cryptocurrency-based monetary merchandise on Wall Street. On November 28, Bitwise filed an software for an ETF primarily based on its 10 Cryptocurrency Index.
On the opposite hand, corporations within the sector are anticipating that Ether (ETH) funds will embody regulated staking options in 2025, marking a major advance for the market.
