The U.S. Securities and Change Fee (SEC) is reportedly swatting down Solana (SOL)-based exchange-traded fund (ETF) functions within the ultimate weeks of Gary Gensler’s tenure because the regulator’s chair.
Fox Enterprise journalist Eleanor Terrett, citing unnamed sources, says the SEC has notified at the very least two of the 5 SOL ETF candidates that their filings will likely be rejected.
Terrett additionally says the present SEC administration has no plans to green-light any of the opposite functions.
The monetary corporations VanEck, 21Shares, Canary Capital and Bitwise have all filed to supply SOL ETFs, and crypto asset supervisor Grayscale additionally recently applied to transform its Solana Belief right into a spot exchange-traded fund.
Eric Balchunas, a senior ETF analyst at Bloomberg, predicts the corporations will reapply with the brand new SEC regime subsequent 12 months.
“This was [Gensler’s] parting reward I suppose.”
After Donald Trump’s election victory final month, Gensler announced he would step down in January, on the president-elect’s inauguration day. The SEC chair’s time period was set to run till 2026.
Below Gensler’s management, the securities watchdog launched high-profile enforcement actions towards many crypto corporations, together with trade giants Binance, Kraken, Coinbase, Ripple Labs, Uniswap Labs and Consensys.
Trump picked former SEC Commissioner and present Patomak Companions chief govt Paul Atkins to go the regulatory company.
In 2022, whereas at Patomak, Atkins penned a letter noting that as Individuals have gotten extra acquainted with crypto belongings, they might change into fascinated with buying them for his or her retirement plans.
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