According to Fox Business journalist Eleanor Terrett, the Securities and Exchange Commission (SEC) will remain uncompromising in its approach to crypto. In that regard, she assures that under the current administration there will be no approval of Solana's spot ETF applications. This statement comes after the rejection of two of five 19b-4 forms.
In a post on social media, the journalist claims to have information that regulators have already rejected some requests. This would be one of the probable reasons why the price of Solana's native currency (SOL) remains relatively stagnant despite the current altcoin season.
At the time of writing, the coin is priced at $234 per unit, with a negative of -3% in 24 hours. A few days ago (on November 21), the price set new highs at $264.37 per coin. Consequently, the optimism of that time seems to have frozen in the face of the prospect of the SEC rejection.
According to some experts, the price decline of the coin is not related to this refusal of the regulators. The reason is that the rejection is an expected decision. Nate Geraci himself, an ETF expert, says that the rejection does not come as a surprise. These statements imply that the target price of $300 per coin is not at risk.
Solana ETF rejection is circumstantial
Even though the price of SOL is in a bearish position, the fate of $300 could be considered “secured.” In that sense, the SEC’s rejection does not represent a problem for the arrival of ETFs of that currency on the stock exchange in the near future. It should not be overlooked that on January 20th Gary Gensler will resign as SEC chairman.
On that day, the former commissioner of that agency, Paul Atkins, who was nominated by Donald Trump himself, will take office. Atkins is known for his favorable view towards the cryptocurrency market. The latter implies that under his position the SEC could give the green light to numerous cryptocurrency ETFs that the current administration considers " unregistered securities ."
Simply put, while it seems clear that Solana spot ETFs won’t exist in 2024, they could be on the exchange in a few months. Under the new pro-crypto administration, some XRP-like ETFs and others could be the big news of 2025.
As already mentioned, this SEC rejection of Solana ETFs could be merely circumstantial. This implies that the price of the SOL coin is not at all threatened, considering that the approval of its funds will take place in a short time.
