Bloomberg ETF analyst Eric Balchunas said that according to the US Securities and Exchange Commission, it will deny two applications for exchange traded funds (ETFs) based on spot Solana.
Balchunas said the rejections were Chair Gary Gensler’s “parting gift”The crypto industry.
Fox News revealed Eleanor Terrett that sources from two Solana issuers had told her that the SEC would not approve any crypto-related exchange traded funds under Gensler. He will be slated for step down On Jan. 20, 2025.
Balchunas Expectations The issuers will need to file again for Solana ETFs once Paul Atkins takes over as SEC Chair. Atkins was confirmed by President-elect Donald Trump for the position on Nov. 27.
Former VanEck Digital Asset Strategy Director Gabor Gurbacs responded to the report. Comment? Gensler “will take a hike soon,” Balchunas The following are some of the answers to your questions.:
“This was his parting gift I guess.”
However, Balchunas’ fellow Bloomberg ETF analyst James Seyffart argued that Gensler had no choice on the Solana ETF matter, as it would be “disingenuous”The regulator has been suing multiple times to claim that the cryptocurrency is a financial instrument.
The new SEC administration is responsible for settling crypto-lawsuits in which SOL has been deemed a security. Seyffart believes that applications are still a risk until the new administration takes over. “dead in the water”The watchdog will not take any action until it decides to.
Seyffart originally predicted that Solana ETF’s approval would conclude by August 2025. He added, however, that he believed this would still be delayed.
Three gifts
Seyffart also highlighted that the SEC’s recent brief on the Binance case is the real parting gift, which he argued was an unnecessary move for the regulator.
Ripple’s chief legal officer, Stuart Alderoty, recently Share This Article The regulator has filed an 81 page document asking the court to not dismiss Binance’s lawsuit accusing the exchange of selling 11 tokens in the form of investment contracts.
Alderoty
“Instead of standing down and pausing crypto litigation with new leadership just weeks away, Gensler’s SEC filed an 81-page brief in the Binance case yesterday, recycling the same failed arguments — including the absurd (and unsupported) claim that crypto has no inherent value.”
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