The U.S. Securities and Exchange Commission (SEC) is reportedly planning to reject multiple applications for Solana spot ETFs under the leadership of outgoing Chairman Gary Gensler. At least two of the potential issuers have been informed of the possible rejection, and sources suggest that the SEC is unlikely to approve any new cryptocurrency ETFs in the final months of the Biden administration. This move is seen as a "parting gift" to the crypto industry by Gensler. The SEC's classification of Solana as a security or securities offering is seen as a significant obstacle. However, despite the regulatory uncertainty, institutional interest in Solana ETFs is growing, with major firms like Bitwise, VanEck, 21Shares, and Canary Capital filing applications. Analysts predict a shift in the SEC's approach to crypto regulation under President-elect Donald Trump, with new SEC Chairman Paul Atkins expected to bring a more cohesive stance to the agency. The crypto community is monitoring how the new administration will handle the Solana ETF applications after Gensler's term ends in January 2023.



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