The post Gensler-led SEC Set to Reject Solana Spot ETF Filings: Report appeared first on Coinpedia Fintech News
The last few months have seen a series of significant developments in the cryptocurrency space, especially regarding Solana (SOL) and its potential ETF. There were key announcements like the Solana ETP in Canada and the launch of a $60 million Solana startup fund, followed by VanEck’s filing for a Solana ETF.
The filing has sparked increased interest, as VanEck sees Solana as a competitor to Ethereum, praising its scalability, speed, and low costs—factors that make it ideal for payments, trading, gaming, and decentralized finance.
However, in a latest development, Fox Business journalist Eleanor Terrett shared on X that she has confirmed the SEC has informed at least two of the five prospective issuers that it will reject their 19b4 filings for the SOL spot ETFs. Sources suggest that the SEC is unlikely to approve any new crypto ETFs under the current administration.
When a user speculated that at least one ETF could be approved, Terrett replied and said, “The SEC won’t approve just one or a couple and not the others. Remember the bitcoin ETFs? Eleven launched on the same day.”
James Seyffart and other analysts predict that the Solana ETF might not launch until 2025, particularly if there is a regime change at the SEC. However, the progress made recently, combined with ongoing ETF filings for other crypto assets, signals the potential for more growth in the crypto market over the coming years.
In Other News….
The SEC has responded to a request to dismiss its amended lawsuit against cryptocurrency exchanges Binance and Binance.US, as well as former CEO Changpeng Zhao. The SEC’s brief opposes Binance’s motion to dismiss the lawsuit, which claims that Binance operated an unregistered securities exchange. The SEC also alleges that Binance sold several cryptocurrencies, including BNB, as unregistered securities. Binance had previously sought to dismiss these allegations, challenging the SEC’s interpretation.
Reflecting on the same, Ripple CLO said, “Instead of standing down and pausing crypto litigation with new leadership just weeks away, Gensler’s SEC filed an 81-page brief in the Binance case yesterday, recycling the same failed arguments—including the absurd (and unsupported) claim that crypto has no inherent value.”