The United States Securities and Exchange Commission (SEC) will supposedly turn down 2 area Solana (SOL) exchange-traded funds (ETF) applications, according to Bloomberg ETF senior expert Eric Balchunas.
Balchunas stated the rejections were Chair Gary Gensler’s “parting present” to the crypto market.
Fox News reported Eleanor Terrett exposed sources at 2 Solana ETF companies informed her the SEC will not authorize any brand-new crypto-related ETF under Gensler. He is slated to step down on Jan. 20, 2025.
Balchunas anticipates the providers to apply for the Solana ETFs once again as soon as Paul Atkins starts his term as SEC chair. President-elect Donald Trump validated Atkins for the function on Nov. 27.
Balchunas’ fellow Bloomberg ETF expert James Seyffart argued that Gensler had no option on the Solana ETF matter, as it would be “disingenuous” to permit SOL-related exchange-traded items while the regulator declares the crypto is a security in numerous claims.
As an outcome, the brand-new SEC administration will be accountable for figuring out the crypto claims where SOL is thought about a security. Up until then, Seyffart sees applications as “dead in the water” up until the guard dog picks a brand-new strategy.
This presses back the Solana ETF approval timeline, which Seyffart at first predicted to conclude in August 2025. He included that this was the earliest of the due dates, and he anticipated it would be pressed back.
Seyffart likewise highlighted that the SEC’s current quick on the Binance case is the genuine parting present, which he argued was an unneeded relocation for the regulator.
Ripple’s primary legal officer, Stuart Alderoty, just recently shared that the regulator submitted an 81-page file prompting the court not to dismiss the Binance suit that implicates the exchange of using 11 tokens as financial investment agreements.
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