The U.S. Securities and Exchange Commission (SEC) has reportedly notified at least two of the five potential issuers that it will reject their 19b-4 applications for a SOL spot ETF.
🚨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 istration.
— Eleanor Terrett (@EleanorTerrett) December 6, 2024
SEC vs SOL ETF
Insider reports speculate that the SEC might not reject just some applications while approving others. In fact, it is also possible that the SEC could reject ‘all applications’ entirely, which was exactly how it acted upon the launch of Bitcoin ETF.
Renowned FOX journalist, Eleanor Terrett remarked, “The SEC won’t approve just one or a couple and not the others. the Bitcoin ETFs? Eleven launched on the same day.”
Many view the rejection of SOL ETF applications as an intentional act of “emotional trolling” against the crypto community, particularly as current SEC Chair Gary Gensler is set to resign in January 2025. With just a month to go before the current istration hands over the reins to Donald Trump’s nominee for SEC Chair, Paul Atkins, some folks are viewing this as a final attempt by the existing SEC leadership to slow down progress in the crypto world.
Even with the recent challenges, many crypto traders are holding onto their optimism, looking forward to clearer regulations and a more welcoming business landscape for crypto under Paul Atkins. Plus, the nomination of David Sacks by Trump for the AI and Crypto Czar position has sparked even more hope for a positive change in the pro-crypto stance.
As of now, VanEck, 21Shares, Canary Capital, Grayscale, and Bitwise have filed for a Solana ETF with the SEC.
Solana Market Trends Amid SOL ETF Rumors
Regarding Solana’s market performance, the cryptocurrency is currently priced at $240.74, reflecting a 1.73% surge. The fifth-largest crypto asset experienced a 24-hour trading volume of $9.11 billion, marking a 23.27% increase, while its market cap stands at $114.49 billion, up by 1.39%.
Recent price analysis projects a potential 47% rally for SOL, aligning with the 2 Fibonacci extension zone at $313.46.
