The U.S. Securities and Exchange Commission (SEC) has reportedly notified at least two of the five potential issuers that it will reject their 19b-4 applications for a SOL spot ETF.
🚨SCOOP: I’ve confirmed that the @SECGov has notified at least two of the five prospective issuers that it will reject their 19b4 filings for the $SOL spot ETFs.
The consensus here, I’m told, is that the SEC won’t entertain any new #crypto ETFs under the current administration.
— Eleanor Terrett (@EleanorTerrett) December 6, 2024
SEC vs SOL ETF
Insider reports speculate that the SEC might not reject just some applications while approving others. In fact, it is also possible that the SEC could reject ‘all applications’ entirely, which was exactly how it acted upon the launch of Bitcoin ETF.
Eleanor Terrett noted, “The SEC won’t approve just one or a couple and not the others. Remember the Bitcoin ETFs? Eleven launched on the same day.”
Many view the rejection of SOL ETF applications as an intentional act of “emotional trolling” against the crypto community, particularly as current SEC Chair Gary Gensler is set to resign in January 2025. With only a month left before the current administration makes way for Donald Trump’s pro-crypto SEC Chair nominee, Paul Atkins, some see this as a last-ditch effort by the current SEC leadership to hinder crypto developments.
Despite the setback, several crypto traders remain optimistic, anticipating clearer regulations and a more crypto-friendly business environment under Paul Atkins. Additionally, David Sacks, Trump’s nominee for the AI and Crypto Czar role, has fueled further hope for a shift in pro-crypto approach.
As of now, VanEck, 21Shares, Canary Capital, Grayscale, and Bitwise have filed for a Solana ETF with the SEC.
Solana Market Trends Amid SOL ETF Rumors
Regarding Solana’s market performance, the cryptocurrency is currently priced at $240.74, reflecting a 1.73% surge. The fifth-largest crypto asset experienced a 24-hour trading volume of $9.11 billion, marking a 23.27% increase, while its market cap stands at $114.49 billion, up by 1.39%.
Recent price analysis projects a potential 47% rally for SOL, aligning with the 2 Fibonacci extension zone at $313.46.
Also Read: SOL Surges over 3.5% After Grayscale Files For Spot Solana ETF
Source: https://www.cryptonewsz.com/sec-reject-two-sol-etf-applications-reports/