The U.S. Securities and Alternate Fee (SEC) is reportedly swatting down Solana (SOL)-based exchange-traded fund (ETF) purposes 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 shall be rejected.
Terrett additionally says the present SEC administration has no plans to green-light any of the opposite purposes.
The monetary companies VanEck, 21Shares, Canary Capital and Bitwise have all filed to supply SOL ETFs, and crypto asset supervisor Grayscale additionally not too long ago utilized to transform its Solana Belief right into a spot exchange-traded fund.
Eric Balchunas, a senior ETF analyst at Bloomberg, predicts the companies 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 introduced 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.
Beneath Gensler’s management, the securities watchdog launched high-profile enforcement actions in opposition to many crypto companies, together with business giants Binance, Kraken, Coinbase, Ripple Labs, Uniswap Labs and Consensys.
Trump picked former SEC Commissioner and present Patomak Companions chief govt Paul Atkins to move the regulatory company.
In 2022, whereas at Patomak, Atkins penned a letter noting that as Individuals have gotten extra conversant in crypto belongings, they could turn out to be concerned about buying them for his or her retirement plans.
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