6 months ago
The US Securities and Exchange Commission (SEC) volition reportedly cull 2 spot Solana (SOL) exchange-traded funds (ETF) applications, according to Bloomberg ETF elder expert Eric Balchunas.
Balchunas said the rejections were Chair Gary Gensler’s “parting gift” to the crypto industry.
Fox News reported Eleanor Terrett revealed sources astatine 2 Solana ETF issuers told her the SEC volition not o.k. immoderate caller crypto-related ETF nether Gensler. He is slated to step down connected Jan. 20, 2025.
Balchunas expects the issuers to record for the Solana ETFs again erstwhile Paul Atkins begins his word arsenic SEC chair. President-elect Donald Trump confirmed Atkins for the role on Nov. 27.
In effect to the news, erstwhile VanEck integer plus strategy manager Gabor Gurbacs commented that Gensler “will instrumentality a hike soon,” and Balchunas replied:
“This was his parting acquisition I guess.”
However, Balchunas’ chap Bloomberg ETF expert James Seyffart argued that Gensler had nary prime connected the Solana ETF matter, arsenic it would beryllium “disingenuous” to let SOL-related exchange-traded products portion the regulator claims the crypto is simply a information successful aggregate lawsuits.
As a result, the caller SEC medication volition beryllium liable for sorting retired the crypto lawsuits wherever SOL is considered a security. Until then, Seyffart sees applications arsenic “dead successful the water” until the watchdog decides connected a caller people of action.
This pushes backmost the Solana ETF support timeline, which Seyffart initially projected to reason successful August 2025. Nevertheless, helium added that this was the earliest of the deadlines, and helium expected it would beryllium pushed back.
Two gifts
Seyffart besides highlighted that the SEC’s caller little connected the Binance lawsuit is the existent parting gift, which helium argued was an unnecessary determination for the regulator.
Ripple’s main ineligible officer, Stuart Alderoty, recently shared that the regulator filed an 81-page papers urging the tribunal not to disregard the Binance suit that accuses the speech of offering 11 tokens arsenic concern contracts.
According to Alderoty:
“Instead of lasting down and pausing crypto litigation with caller enactment conscionable weeks away, Gensler’s SEC filed an 81-page little successful the Binance lawsuit yesterday, recycling the aforesaid failed arguments — including the absurd (and unsupported) assertion that crypto has nary inherent value.”
The station SEC rejecting Solana ETFs is Gensler’s ‘parting gift’ to crypto manufacture – Bloomberg analyst appeared archetypal connected CryptoSlate.
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