Solana

Crypto Czar

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 <li><strong>The U.S. SEC is set to reject two of the five Solana ETF applications, creating uncertainty around SOL’s ability to reach its $300 price target.</strong></li>
 <li><strong>Despite the setbacks under the current administration, optimism for Solana ETFs is rising, fueled by potential regulatory changes under a pro-crypto Trump administration.</strong></li>
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<p>A report has revealed that the U.S. SEC won’t be approving two of the five prospective Solana ETFs.&nbsp; The burgeoning ETF industry, while seeing significant growth, is encountering a hurdle under the current administration.</p>
<p>According to the report, the U.S. SEC has notified the 2 anonymous ETF issuers that it would be rejecting their 19b-4 filings.</p>
<p>This development could derail SOL’s upward trajectory, potentially preventing it from reaching the projected $300 price target. Additionally, a fierce battle for the 5th position ensues as the token wages war against BNB’s market cap.</p>
<h3 id="strong-sec-to-deny-spot-solana-etf-applications-strong"><strong>SEC to Deny Spot Solana ETF Applications</strong></h3>
<p>Fox Business journalist Eleanor Terret took to the x platform <a href="https://x.com/EleanorTerrett/status/1864874666445152672" target="_blank" rel="noopener noreferrer nofollow">reporting</a> that the U.S. Securities and Exchange Commission has informed to of the five Solana ETF applicants that their 19b-4 filings will be denied.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;">SCOOP: I’ve confirmed that the <a href="https://twitter.com/SECGov?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@SECGov</a> has notified at least two of the five prospective issuers that it will reject their 19b4 filings for the <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SOL</a> spot ETFs.</p>
 <p>The consensus here, I’m told, is that the SEC won’t entertain any new <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#crypto</a> ETFs under the current administration.</p>
 <p>— Eleanor Terrett (@EleanorTerrett) <a href="https://twitter.com/EleanorTerrett/status/1864874666445152672?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">December 6, 2024</a></p>
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<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>With that in mind, as per our previous reports , the five applicants include VanEck, 21Shares, <a href="https://www.ethnews.com/new-solana-etf-application-filed-by-canary-capital-as-vaneck-still-in-play/" target="_blank" rel="noopener noreferrer nofollow">Canary capitals,</a> and <a href="https://www.ethnews.com/bitwise-files-for-first-solana-etf-amidst-growing-crypto-investment-trends/" target="_blank" rel="noopener noreferrer nofollow">Bitwise</a>. Additionally, <a href="https://www.ethnews.com/solana-price-targets-400-as-grayscale-files-for-solana-etf/" target="_blank" rel="noopener noreferrer nofollow">Grayscale</a> also applied to convert its Solana Trust into an ETF.</p>
<p>Additionally, the journalist added that industry veterans believe that the U.S regulatory body high chance than not is unlikely to approve any new cryptocurrency ETFs under the current (Biden) administration.</p>
<p>A user on X countered Terret, arguing that approval remains likely. In response, the journalist 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”.</p>
<p>However, in this case, grass might be greener on the other side. A few factors stay in favor of the already applied ETFs. For starters, market participants believe that their would be a friendlier crypto environment under the new administration( Pro-crypto Donald Trump). Secondly, industry veterans anticipate significant developments once Paul Atkins assumes the role of US SEC Chair in January.</p>
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    One vocal member in the crypto currency environment, Nate Geraci, President of the ETF store commented&nbsp; on the matter stating that;
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    No surprise, but won’t be any movement on spot crypto ETF filings until new leadership in place… Lame duck
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   <p>Nate Geraci further noted that the SEC recently acknowledged the Bitwise Crypto Index ETF, which includes a 4% allocation to Solana.</p>
   <p>Meanwhile, optimism among crypto industry participants for a Solana ETF approval has grown, spurred by the appointment of David Sachs as the AI and Crypto Czar in the White House. President-elect Donald Trump confirmed the news via his Truth Social platform.</p>
   <p>While other altcoins rallied, sparking altcoin season, SOL remained stagnant around its $240 resistance.</p>
   <p>At the time of writing, SOL is swapping hands with <span class="sc-65e7f566-0 WXGwg base-text" data-test="text-cdp-price-display">$239.77</span> representing a 2.40% surge in the past 24 hours. Additionally, the digitsl asset who’s market cap stands at $113.97B has surged by 0.73% and 30.47% in the past week and month respectively.</p>
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<p>The post <a href="https://www.ethnews.com/us-sec-freezes-crypto-etf-talks-solanas-300-ambition-faces-new-hurdle/" rel="noopener noreferrer nofollow">US SEC Freezes Crypto ETF Talks, Solana’s $300 Ambition Faces New Hurdle</a> appeared first on <a href="https://www.ethnews.com" rel="noopener noreferrer nofollow">ETHNews</a>.</p>

US SEC Freezes Crypto ETF Talks, Solana’s $300 Ambition Faces New Hurdle

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