SEC warns issuers of Solana spot ETF denials under current administration
According to FOX Business reporter Eleanor Terrett, the U.S. Securities and Exchange Commission (SEC) has informed at least two potential ETF issuers that it will reject their applications for a Solana spot ETF.
Terrett’s sources also suggest that "under the current administration," the SEC is unlikely to approve any new crypto ETFs.
This stance impacts a broad range of anticipated crypto ETFs, including Bitcoin, Ethereum, Solana, and Ripple.
The insider information from the SEC follows this week's application by Grayscale Investments to convert its Solana Trust, managing $134.2 million in assets, into a spot ETF under the ticker GSOL.
The market is showing great interest in exchange-traded funds based on Solana
Previously, several other asset managers, including VanEck, 21Shares, Bitwise, and Canary Capital, submitted similar applications for Solana ETFs, highlighting industry interest in bringing these investment vehicles to market.
However, the SEC has previously expressed concerns about the potential classification of Solana as a security, officially rejecting Cboe BZX's applications for two Solana spot ETFs in August.
Solana is becoming a promising candidate in the cryptocurrency exchange-traded fund (ETF) market, with several institutional players filing applications for spot Solana ETFs.
As regulatory scrutiny intensifies, industry experts are increasingly optimistic that these financial products could receive approval by 2025.
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