After Bitcoin and Ethereum ETFs, investors turned to different altcoin ETFs, the most notable of which were the Solana and XRP ETF applications.
While Solana and XRP ETFs are expected to be approved, FOX Business reporter Eleanor Terrett reported that the SEC is preparing to reject spot SOL ETF applications.
Terrett, who posted from his X account, said that the current U.S. Securities and Exchange Commission (SEC) has notified at least two SOL spot ETF applicants that their 19/b-4 filings will be rejected.
Terrett also cited sources as saying that no new cryptocurrency ETF applications will be approved during the current SEC administration.
“SPECIAL NEWS:
I have confirmed that the SEC has notified at least two of the five potential issuers that it will reject their 19/b-4 applications for spot Solana ETFs.
“From what I’ve been told, the consensus here is that the SEC will not approve any new cryptocurrency ETFs under the current administration.”
This development from the SEC has senior analysts not expecting a major move until Paul Atkins became the US SEC Chairman in January. Speaking about the development in Solana ETFs, ETF Store President Nate Geraci said:
“Not surprising, but there will be no movement on spot crypto ETF applications until there is a new SEC chairman… Lame duck.”
Solana continues to trade at $238.
*This is not investment advice.