SEC Notifies Two Applicants of Solana ETF Application Denials
Disappointment surrounds hopes for the approval of spot Solana ETFs by the US Securities and Exchange Commission (SEC). The SEC recently informed at least two of the five intending issuers that their applications would be denied.
A report by Fox Business journalist Eleanor Terret indicates that the specific applicants remain unnamed, raising questions about the fate of the other three who submitted 19b-4 filings.
No Approval for Solana Spot ETFs Anytime Soon
Terret's report underscores ongoing concerns among crypto enthusiasts regarding the SEC's reluctance to approve spot crypto ETFs. Industry insiders believe the current administration is unlikely to permit new crypto ETFs despite rising demand from institutional and retail investors.
Responding to a hopeful social media comment about potential Solana ETF approvals, Terret referenced the SEC's historical behavior. She pointed out that the SEC typically approves multiple ETFs simultaneously, as demonstrated in January when 11 spot Bitcoin ETFs were approved. Terret emphasized that isolated approvals are not the SEC's standard practice.
ETF Store President Nate Geraci shares this perspective, stating:
“No surprise, but there won’t be any movement on spot crypto ETF filings until new leadership is in place.”
Geraci’s remark references the upcoming leadership change at the SEC, with Paul Atkins set to take charge in January.
SOL Price Holds Steady amid Uncertainty
Despite regulatory uncertainties, Solana's price remains stable. As of publication, SOL traded at $238, reflecting a 1.81% increase in the last 24 hours.
This stability has led market analysts to monitor its resistance level at $240, with speculation of a potential technical breakout that could elevate SOL’s price to an all-time high between $290 and $300.
However, SOL's rally has been overshadowed by other cryptocurrencies, such as XRP, which experienced weekly gains exceeding 50%. This disparity has left investors questioning Solana’s momentum amidst regulatory challenges.
While optimism for Solana ETFs persists, recent developments, including the appointment of David Sachs as the White House’s AI and crypto czar, have further fueled hopes for positive future crypto regulation.