Solana

Spot

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 <li><strong>SEC likely rejecting Solana spot ETFs over security classification concerns.</strong></li>
 <li><strong>Crypto ETF approvals are unlikely under current SEC leadership, analysts suggest.</strong></li>
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<p>The U.S. Securities and Exchange Commission (SEC) is set to reject applications for at least two Solana (SOL) spot exchange-traded funds (ETFs), according to Fox Business journalist Eleanor Terret. The regulatory body has reportedly notified at least two of the five prospective issuers about its decision, highlighting concerns about Solana’s potential classification as a security.</p>
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 <blockquote class="twitter-tweet">
  <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. <br><br>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>— Eleanor Terrett (@EleanorTerrett) <a href="https://twitter.com/EleanorTerrett/status/1864874666445152672?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">December 6, 2024</a>
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<p>Moreover, sources further suggest that the SEC is unlikely to approve any new cryptocurrency ETFs during the current administration. This decision comes amidst a wave of ETF filings from leading asset managers, including Grayscale Investments, VanEck, 21Shares, <a href="https://www.bitwiseglobal.com/en-us/" target="_blank" rel="noopener noreferrer nofollow">Bitwise</a>, and Canary Capital, aiming to bring Solana-focused investment products to the market.</p>
<p>Meanwhile, Grayscale Investments recently applied to convert its $134.2 million Solana Trust into a spot ETF under the ticker GSOL. Other notable filings include VanEck’s application, which underscores Solana’s scalability, speed, and cost-efficiency, positioning it as a competitor to <a href="https://thenewscrypto.com/ethereum-eyes-4000-as-whales-accumulate-and-mvrv-signals-room-for-growth/" target="_blank" rel="noopener noreferrer nofollow">Ethereum</a> for payments, gaming, trading, and decentralized finance.</p>
<h3 class="wp-block-heading" id="h-no-approval-till-2025">No Approval Till 2025?</h3>
<p>The SEC’s stance extends beyond Solana to other anticipated crypto ETFs, including those tied to <a href="https://coinmarketcap.com/currencies/xrp/" target="_blank" rel="noopener noreferrer nofollow">XRP</a>, raising concerns about broader regulatory obstacles. In August, the regulator formally rejected applications for two Solana spot ETFs by Cboe BZX, citing unresolved security classification concerns.</p>
<p>Industry analysts, including James Seyffart, believe that <a href="https://thenewscrypto.com/solana-consolidates-near-233-as-bitcoin-correlation-weakens-technical-analysis/" target="_blank" rel="noopener noreferrer nofollow">SOL</a> ETFs may not gain approval until 2025, contingent on potential leadership changes at the SEC. Despite the challenges, the surge in ETF applications reflects the growing momentum in the cryptocurrency sector and signals long-term optimism for digital asset investment products.</p>
<p>Meanwhile, the SEC continues its aggressive stance on crypto regulation, opposing Binance’s motion to dismiss a lawsuit alleging the operation of an unregistered securities exchange. The agency has also reiterated its claims that Binance sold unregistered securities, drawing criticism from industry leaders who view the legal battle as overreaching.</p>
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Are Solana Spot ETFs Doomed Under the Current SEC?

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