📉 SEC rejects Solana ETF application, how does the market react?
👋 Hello everyone, today we are going to talk about the latest news about Solana ETF application! The U.S. Securities and Exchange Commission (SEC) officially rejected Solana ETF application yesterday, numbered 19B-4. Although this result is not surprising to many people, this news still attracted some attention in the cryptocurrency market.
🤔 Because in the past few months, after the approval of Ethereum spot ETF, many institutions saw hope, so they began to apply for Solana ETF. However, some people believe that the Solana chain itself has many problems, which may also be one of the factors considered by the SEC in the approval process.
🚫 The SEC finally decided to reject Saraha's 19B-4 application. At the same time, the previous statement of SEC Chairman Gary Gensler cast a shadow on the definition that Solana is likely to be classified as a security, and also added more uncertainty to the prospects of Solana and its ETF.
😟 Currently, two issuers, 21Shares and VanEck, are competing for the first Solana ETF application. Although the first rejection of 19b-4 is a small setback, VanEck research director Matthew Sigel said that they may be resubmitted or modified!
🔮 As for the subsequent application process of Solana ETF, it is still unclear. But what is certain is that the SEC's approval attitude towards cryptocurrency ETFs remains cautious, especially for those projects that may touch the attributes of securities.
💬 What do you think about the SEC's rejection of Solana ETF application? What impact do you think this will have on Solana and the entire cryptocurrency market? Do you think the results of the new round of Solana ETF submissions are promising? Leave your views in the comments section!
