Solana ETF Hits Roadblock With US SEC, But There's a Catch

Solana ETF prognosis not good in short term

🚨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

Notably, there has yet to be any official rejection of the 19b-4 applications submitted by Bitwise, Canary Capital and 21Shares, among others. With the current U.S. SEC chairman counting down the days to his departure, new possibilities are on the horizon for Solana and crypto ETFs.

The update is already generating commentary on X, with community members puzzled at the resistance of collaboration by the regulator.

A major conviction for many crypto ETF proponents is that the market is quickly maturing and will benefit from SEC oversight. Thus, many believe the resistance does not align with the current ecosystem progression.

Just matter of time

This uniqueness among the projects underscores why the next SEC administration must consider the filings on a case-by-case basis. In the long term, proponents believe more crypto ETF products will enter the market.