{"id":810889,"date":"2024-12-08T10:42:25","date_gmt":"2024-12-08T16:42:25","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2024\/12\/08\/sec-rejecting-solana-etfs-is-genslers-parting-gift-to-crypto-industry-bloomberg-analyst\/"},"modified":"2024-12-08T10:42:25","modified_gmt":"2024-12-08T16:42:25","slug":"sec-rejecting-solana-etfs-is-genslers-parting-gift-to-crypto-industry-bloomberg-analyst","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2024\/12\/08\/sec-rejecting-solana-etfs-is-genslers-parting-gift-to-crypto-industry-bloomberg-analyst\/","title":{"rendered":"SEC rejecting Solana ETFs is Gensler\u2019s \u2018parting gift\u2019 to crypto industry \u2013 Bloomberg analyst"},"content":{"rendered":"<p><span>The US Securities and Exchange Commission (SEC) will reportedly reject two spot Solana (<a href=\"https:\/\/cryptoslate.com\/coins\/solana\/\">SOL<\/a>) exchange-traded funds (ETF) applications, according to Bloomberg ETF senior analyst <a href=\"https:\/\/cryptoslate.com\/people\/eric-balchunas\/\">Eric Balchunas<\/a>.<\/span><\/p>\n<p><span>Balchunas said the rejections were Chair <a href=\"https:\/\/cryptoslate.com\/people\/gary-gensler\/\">Gary Gensler\u2019s<\/a> \u201cparting gift\u201d to the crypto industry.<\/span><\/p>\n<p><span>Fox News reported Eleanor Terrett revealed sources at two Solana ETF issuers told her the SEC will not approve any new crypto-related ETF under Gensler. He is slated to<\/span><strong> <a href=\"https:\/\/cryptoslate.com\/sec-chair-gary-gensler-to-step-down-on-jan-20\/\">step down<\/a><\/strong><span> on Jan. 20, 2025.<\/span><\/p>\n<p><span>Balchunas<\/span> <strong><a href=\"https:\/\/x.com\/EricBalchunas\/status\/1865061168630374620\">expects<\/a><\/strong><span> the issuers to file for the Solana ETFs again once <a href=\"https:\/\/cryptoslate.com\/people\/paul-atkins\/\">Paul Atkins<\/a> begins his term as SEC chair. President-elect <a href=\"https:\/\/cryptoslate.com\/people\/donald-trump\/\">Donald Trump<\/a> confirmed Atkins for the role<\/span> <strong><a href=\"https:\/\/cryptoslate.com\/trump-confirms-nomination-of-paul-atkins-as-the-new-sec-chair\/\">on Nov. 27<\/a><\/strong><span>.<\/span><\/p>\n<p><span>However, Balchunas\u2019 fellow Bloomberg ETF analyst <a href=\"https:\/\/cryptoslate.com\/people\/james-seyffart\/\">James Seyffart<\/a> argued that Gensler had no choice on the Solana ETF matter, as it would be \u201cdisingenuous\u201d to allow SOL-related exchange-traded products while the regulator claims the crypto is a security in multiple lawsuits.<\/span><\/p>\n<p><span>As a result, the new SEC administration will be responsible for sorting out the crypto lawsuits where SOL is considered a security. Until then, Seyffart sees applications as \u201cdead in the water\u201d until the watchdog decides on a new course of action.\u00a0<\/span><\/p>\n<p><span>This pushes back the Solana ETF approval timeline, which Seyffart initially projected to conclude in August 2025. Nevertheless, he added that this was the earliest of the deadlines, and he expected it would be pushed back.<\/span><\/p>\n<p><span>Seyffart also highlighted that the SEC\u2019s recent brief on the Binance case is the real parting gift, which he argued was an unnecessary move for the regulator.<\/span><\/p>\n<p><span>Ripple\u2019s chief legal officer, Stuart Alderoty, recently\u00a0<a href=\"https:\/\/x.com\/s_alderoty\/status\/1864730425274569019\" target=\"_blank\" rel=\"noopener\"><strong>shared<\/strong><\/a><strong>\u00a0<\/strong>that the regulator filed an 81-page document urging the court not to dismiss the Binance lawsuit that accuses the exchange of offering 11 tokens as investment contracts.<\/span><\/p>\n<div>\n<h6>Latest <span>Alpha<\/span> Market Report<\/h6>\n<\/div>\n<p><a href=\"https:\/\/cryptoslate.com\/sec-rejecting-solana-etfs-is-genslers-parting-gift-to-crypto-industry-bloomberg-analyst\/\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><br \/>\n Gino Matos<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The US Securities and Exchange Commission (SEC) will reportedly reject two spot Solana (SOL) exchange-traded funds (ETF) applications, according to Bloomberg ETF senior analyst Eric Balchunas. Balchunas said the rejections were Chair Gary Gensler\u2019s \u201cparting gift\u201d to the crypto industry. Fox News reported Eleanor Terrett revealed sources at two Solana ETF issuers told her the<\/p>\n","protected":false},"author":1,"featured_media":810890,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31650,47657],"tags":[],"class_list":{"0":"post-810889","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-rejecting","8":"category-solana"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/810889","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=810889"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/810889\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/810890"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=810889"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=810889"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=810889"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}