SEC Rejects Applications for Spot Solana ETFs

The U.S. Securities and Exchange Commission (SEC) will not approve Solana-based spot ETFs, as the agency has notified two of five potential issuers. The SEC is expected to reject their 19b-4 filings, according to reports. The price of SOL remains stable at the key resistance level of $240, amid concerns about a further rise to $300.

US SEC Rejects Solana Spot ETF Applications

According to Fox Business reporter Eleanor Terret, the SEC has notified at least two of the five applicants for a Solana (SOL) spot ETF that their 19b-4 filings will be rejected.

Terret cited industry experts as saying that the SEC is unlikely to approve any new crypto ETFs under the current administration. This suggests that, despite the growing demand for crypto ETF products, regulatory resistance to this type of investment continues.

A user on social media X responded to Terret’s post, suggesting that the possibility of Solana spot ETFs being approved remains high. In response, Terret wrote: “The SEC won’t approve one or a few applications and reject the others. Remember the Bitcoin ETFs – all eleven launched on the same day.”

However, the development comes as no surprise to crypto industry experts, who believe that no major developments will be made until Paul Atkins takes over as SEC Chairman in January. Nate Geraci, President of ETF Store, commented:

“Not surprised, but there will be no action on crypto spot ETF applications until new leadership is in place… it’s just a pause.”

Geraci also noted that it is worth noting that the SEC recently approved the Bitwise Crypto Index ETF, in which Solana has a 4% holding.

On the other hand, some crypto industry figures are more optimistic about the possibility of Solana ETF approval, especially after David Sachs was appointed as the White House’s director of AI and cryptocurrency. President-elect Donald Trump officially announced this information on his Truth Social platform.