The U.S. Securities and Exchange Commission (SEC) is reportedly preparing to reject multiple applications for spot Solana (SOL-USD) exchange-traded funds (ETFs). According to Fox News journalist Eleanor Terrett, at least two of five asset managers seeking approval have already been informed of the SEC’s stance. Terrett claims the consensus is that the SEC is unlikely to entertain new crypto ETFs under the current administration, led by Chair Gary Gensler.
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Trump’s Election Shakes Up Crypto Policy
Donald Trump’s return to the presidency has added urgency to the crypto ETF race. On Dec. 4, Trump nominated crypto-friendly Paul Atkins to lead the SEC, fulfilling his campaign pledge to replace Gensler. This leadership change could open the door for approvals under new oversight. Firms like VanEck, Bitwise, and Grayscale have recently submitted applications for SOL ETFs, hoping to ride the wave of changing sentiment on Wall Street.
What Lies Ahead for Solana ETFs?
Historically, the SEC has approved crypto ETFs en masse, as seen with Bitcoin ETFs, where 11 launched simultaneously. Terrett predicts a similar approach for SOL ETFs. However, a rejection now would delay these ambitions until new SEC leadership is in place
At the time of writing, Solana is sitting at $239.99.
