Gensler-Led SEC Reportedly Poised to Block Multiple Solana Spot ETF Filings

• SEC reportedly rejecting several Solana ETF bids, signaling delayed crypto ETF approvals.
• Analysts predict Solana ETFs unlikely until 2025, hinting at leadership shifts ahead.
• SEC maintains firm stance on crypto, advancing Binance litigation despite impending changes.

The U.S. Securities and Exchange Commission (SEC), led by Gary Gensler, is reportedly preparing to reject several Solana (SOL) spot exchange-traded fund (ETF) proposals. 

According to information a Fox Business journalist shared, at least two of the five issuers who submitted 19b-4 filings for Solana-focused ETFs have been notified that their applications will not receive approval. 

These disclosures emerge amid growing interest in Solana’s blockchain technology, which some consider an efficient alternative to Ethereum due to its transaction speed, scalability, and low costs. 

Before these anticipated rejections, progress had been made regarding Solana-linked investment products. A Solana exchange-traded product (ETP) was previously introduced in Canada, and a $60 million fund dedicated to Solana startups had been launched. 

Additionally, VanEck, an asset management firm, moved forward with a Solana ETF filing, citing the platform’s suitability for various decentralized finance (DeFi) applications, payments, trading, and gaming. 

Despite these steps, observers now predict that any prospective Solana ETF in the United States may be delayed until 2025, a timeline that some experts associate with the possibility of a shift in SEC leadership.

According to analysts such as James Seyffart, the ongoing environment suggests the SEC needs to be more inclined to grant solitary approvals for crypto-based ETFs. 

Market participants recall that the SEC previously allowed multiple Bitcoin futures ETFs to launch on the same day, suggesting that if permission for one Solana ETF is eventually granted, several others may debut simultaneously. 

Similarly, the SEC has responded to Binance and Binance.US’s request to dismiss the regulator’s amended lawsuit. The SEC’s 81-page brief opposes the dismissal, maintaining that Binance operated an unregistered securities exchange. 

The complaint also alleges that tokens, including BNB, qualified as unregistered securities. While Binance’s challenge to the SEC’s interpretation continues, legal representatives monitoring the case note the regulator’s willingness to continue pursuing crypto-related litigation despite the potential for new leadership and changing priorities soon.