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SEC rejecting Solana ETFs is Gensler's 'parting gift' to crypto industry – Bloomberg analyst

Author: Content Editor
The US Securities and Exchange Commission (SEC) is expected to reject two spot Solana (SOL) exchange-traded fund (ETF) applications, according to analysts. Bloomberg ETF senior analyst Eric Balchunas called it SEC Chair Gary Gensler's "parting gift" to the crypto industry. It has been reported that no new crypto-related ETFs will be approved under Gensler's leadership, with his departure scheduled for January 2025. The rejections are expected to be filed again once Paul Atkins takes over as SEC chair. Meanwhile, Bloomberg ETF analyst James Seyffart believes the SEC will need to sort out the lawsuits where SOL is considered a security before any new decisions can be made. This is likely to push back the approval timeline, which Seyffart projected to be concluded in August 2025. Seyffart also highlighted the SEC's recent brief on the Binance case as an unnecessary move by the regulator.

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