YEREVAN (CoinChapter.com) — The United States Securities and Exchange Commission (SEC) is reportedly set to reject multiple applications for spot Solana ETFs. According to Fox News reporter Eleanor Terrett, the agency has already informed at least two of the five firms seeking approval for Solana exchange-traded funds.
Terrett reported on Dec. 6,
“The consensus here, I’m told, is that the SEC won’t entertain any new #crypto ETFs under the current administration.”
SEC Rejection Solana ETFs. Source: Eleanor Terrett
Subsequently, several firms have submitted applications to launch Solana ETFs this year, hoping to offer investors direct exposure to the Solana market. However, the SEC appears unlikely to approve these proposals under its current leadership.
Asset Managers in the Race for Spot Solana ETFs
Prominent firms like VanEck, 21Shares, and Canary Capital are among those seeking approval for Solana exchange-traded funds. Notably, VanEck was the first to file its 19b-4 application on June 27, followed by 21Shares on June 28, and Canary Capital in late October.
Following Donald Trump’s election victory on Nov. 6, firms such as Bitwise and Grayscale also submitted their spot Solana ETFs applications. These filings highlight the growing interest among institutional investors in accessing Solana’s ecosystem through regulated products.
Extract from Grayscale’s 19b-4 filing to list a spot Solana ETF. Source: NYSE
The 19b-4 application process is required by the SEC to outline details about fund structure, trading mechanisms, and compliance with securities regulations.
New SEC Leadership Could Impact Crypto ETFs
While the SEC is expected to deny the current applications, the upcoming leadership change could alter its approach to crypto ETFs. On Dec. 4, President Trump nominated Paul Atkins, a crypto policy expert, as the next SEC Chair. This decision fulfills Trump’s campaign promise to replace Gary Gensler, the current chair.
Interestingly, Terrett noted that the SEC might approve multiple funds simultaneously, as it did with Bitcoin ETFs.
“The SEC won’t approve just one or a couple and not the others. Remember the bitcoin ETFs? Eleven launched on the same day,”
she explained.
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