SEC Expected to Reject Solana Spot ETF Filings Amid Crypto Market Buzz
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SEC Signals Rejection of Solana Spot ETFs
In a recent update, Fox Business journalist Eleanor Terrett revealed that the U.S. Securities and Exchange Commission (SEC) has indicated it will reject two of the five filings for Solana spot ETFs. According to Terrett, the SEC is unlikely to approve any new crypto ETFs under the current administration. Analysts, including James Seyffart, speculate that approval might not come until 2025, particularly if a regime change occurs at the SEC.
Broader Implications for Crypto ETFs
The SEC’s cautious stance echoes its earlier handling of Bitcoin ETFs, where multiple approvals happened simultaneously. While delays in Solana ETFs may hinder short-term market optimism, ongoing progress and additional ETF filings for other crypto assets signal potential long-term growth in the market.
Binance Litigation Escalates
In parallel, the SEC has opposed a motion to dismiss its lawsuit against Binance and Binance.US, alleging they operated unregistered securities exchanges and sold cryptocurrencies, including BNB, as unregistered securities. Ripple CLO criticized the SEC's persistence, stating it is recycling unsupported arguments amid leadership changes.
The evolving regulatory landscape continues to shape the future of cryptocurrency ETFs and the broader crypto ecosystem.