The U.S. Securities and Exchange Commission (SEC) is reportedly blocking applications for an exchange-traded fund (ETF) based on Solana (SOL) during the final weeks of Gary Gensler’s term as regulator.
Fox Business journalist Eleanor Terrett, citing anonymous sources, said the SEC had notified at least two of the five SOL ETF applicants that their applications would be rejected.
Terrett also said the SEC administration currently has no plans to approve any other applications.
Financial firms VanEck, 21Shares, Canary Capital and Bitwise have all applied to offer SOL ETFs, while cryptocurrency asset manager Grayscale also recently applied to convert Solana Trust into a cash exchange-traded fund.
Eric Balchunas, senior ETF analyst at Bloomberg, predicted that companies will reapply for the new SEC regime next year.
“I think this was (Gensler’s) farewell gift.”
After Donald Trump’s election victory last month, Gensler announced he would resign in January, the day the next president takes office. The SEC Chairman’s term of office is set to run until 2026.
Under Gensler’s leadership, the securities watchdog has launched high-profile enforcement actions against a number of cryptocurrency companies, including industry giants Binance, Kraken, Coinbase, Ripple Labs, Uniswap Labs, and Consensys.
Trump appointed Paul Atkins, a former SEC commissioner and current CEO of Patomak Partners, to head the regulator.
While at Patomak in 2022, Atkins wrote a letter stating that as Americans become more familiar with cryptocurrency assets, they may become interested in purchasing cryptocurrencies for their retirement plans.
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