The U.S. Securities and Exchange Commission (SEC) is reportedly swatting down Solana (SOL)-based exchange-traded fund (ETF) applications in the final weeks of Gary Gensler’s tenure as the regulator’s chair.
Fox Business journalist Eleanor Terrett, citing unnamed sources, says the SEC has notified at least two of the five SOL ETF applicants that their filings will be rejected.
Terrett also says the current SEC administration has no plans to green-light any of the other applications.
The financial firms VanEck, 21Shares, Canary Capital and Bitwise have all filed to offer SOL ETFs, and crypto asset manager Grayscale also recently applied to convert its Solana Trust into a spot exchange-traded fund.
Eric Balchunas, a senior ETF analyst at Bloomberg, predicts the firms will reapply with the new SEC regime next year.
“This was [Gensler’s] parting gift I guess.”
After Donald Trump’s election victory last month, Gensler announced he would step down in January, on the president-elect’s inauguration day. The SEC chair’s term was set to run until 2026.
Under Gensler’s leadership, the securities watchdog launched high-profile enforcement actions against many crypto firms, including industry giants Binance, Kraken, Coinbase, Ripple Labs, Uniswap Labs and Consensys.
Trump picked former SEC Commissioner and current Patomak Partners chief executive Paul Atkins to head the regulatory agency.
In 2022, while at Patomak, Atkins penned a letter noting that as Americans are becoming more familiar with crypto assets, they may become interested in purchasing them for their retirement plans.
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