📉SEC rejects Solana ETF application, how does the market react?

👋 Friends who follow the crypto market, let's talk about the latest developments today! The U.S. Securities and Exchange Commission (SEC) officially rejected Solana's ETF application yesterday, numbered 19B-4. Although this result was expected, it still attracted some attention from the market.

🤔 Previously, the approval of the Ethereum spot ETF gave many institutions hope and they began to apply for the Solana ETF. However, some people pointed out that some problems with the Solana chain itself may be one of the reasons for the SEC's rejection during the approval process.

🚫 In the end, the SEC rejected the application. At the same time, the previous statement of SEC Chairman Gary Gensler increased the risk that Solana might be classified as a security, which also added uncertainty to the future of Solana and its ETF.

😟 Despite the rejection of the 19B-4 application, 21Shares and VanEck are still vying for the first opportunity of the Solana ETF. Matthew Sigel, head of research at VanEck, said they may resubmit or modify the application.

🔮 The future of Solana ETF remains to be seen. But what is certain is that the SEC remains cautious about approving cryptocurrency ETFs, especially those projects that may involve securities attributes.

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