The United States Securities and Exchange Commission has announced its intent to deny applications for spot Solana exchange-traded funds (ETFs). According to Fox News reporter Eleanor Terrett, the SEC has notified at least two out of five issuers seeking approval for a Solana ETF.
Terrett stated on December 6th that the general consensus is that the SEC will not consider any new cryptocurrency ETFs under the current administration.
Multiple asset management firms have recently submitted applications for SOL ETFs, with a goal of providing investors with direct exposure to the Solana market.
VanEck was the first firm to file a 19b-4 application with the SEC on June 27th, followed closely by 21Shares on June 28th and Canary Capital in late October.
After the 2020 presidential election, both Bitwise and Grayscale also submitted applications for a SOL fund. The process for launching a crypto ETF involves filing a 19b-4 application with the SEC.
This document outlines the proposed product and includes information on its structure, trading methods, and compliance with securities regulations.
