The U.S. Securities and Change Fee (SEC) is reportedly swatting down Solana (SOL)-based exchange-traded fund (ETF) functions within the last weeks of Gary Gensler’s tenure because the regulator’s chair.
Fox Enterprise journalist Eleanor Terrett, citing unnamed sources, says the SEC has notified no less than 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 functions.
The monetary corporations 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 corporations will reapply with the brand new SEC regime subsequent yr.
“This was [Gensler’s] parting present I assume.”
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.
Below Gensler’s management, the securities watchdog launched high-profile enforcement actions in opposition to 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 government Paul Atkins to go the regulatory company.
In 2022, whereas at Patomak, Atkins penned a letter noting that as People have gotten extra acquainted with crypto belongings, they could grow to be taken with buying them for his or her retirement plans.
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