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According to Fox Business journalist Eleanor Terrett, the Securities and Exchange Commission (SEC) will remain uncompromising in its approach to crypto. In that sense, he assures that under the current administration there will be no approval of Solana’s spot ETF applications. This statement follows the rejection of two of five 19b-4 forms.
In a publication on social networks, the journalist claims to have handled information that regulators have already rejected some requests. This would be one of the likely reasons why the price of the native Solana coin (SOL) remains relatively stagnant despite the current Altcoin season.
At the time of writing this note, the currency has a price of $234 per unit, with a negative of -3% in 24 hours. A few days ago (November 21), the price established new highs at $264.37 dollars per coin. Consequently, the optimism of that time seems to have been frozen by the prospect of the SEC’s rejection.
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According to the conclusion of some experts, the decline in the price of the currency is not related to this refusal from regulators. The reason is that rejection is a decision that was expected. Nate Geraci himself, an ETF expert, says that the rejection does not come as a surprise. These statements hint that the price target of $300 per coin is not at risk.
🚨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
The rejection of Solana’s ETFs is circumstantial
Even though SOL price is in a bearish position, the fate of $300 could be considered “assured.” In that sense, the SEC’s rejection does not represent a problem for the arrival of ETFs of that currency on the stock market in the near future. It should not be lost sight of that on January 20, Gary Gensler will resign as president of the SEC.
During that day, the former commissioner of that agency, Paul Atkins, who was nominated by Donald Trump himself, will take office. Atkins is known for his favorable view towards the Cryptocurrency market. The latter implies that under his charge the SEC could give the green light to numerous cryptocurrency ETFs that the current administration considers “unregistered securities.”
In simple words, although it seems clear that Solana spot ETFs will not exist in 2024, in a few months they would already be on the stock market. Under the new pro-crypto administration, some exchange-traded funds like XRP and others could be the big news of 2025.
As already mentioned, this SEC rejection of Solana ETFs could be purely circumstantial. This implies that the price of the SOL coin is not threatened at all, considering that the approval of its funds will take place in a short time.
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