Will Gary Gensler Make His Last Stab at the Cryptocurrency Market Before Leaving the SEC Chairmanship? Here is the Latest Information

The U.S. Securities and Exchange Commission (SEC), led by outgoing Chairman Gary Gensler, is reportedly preparing to reject multiple applications for Solana spot ETFs, potentially deferring their approval to the new administration under President-elect Donald Trump.

Fox Business journalist Eleanor Terrett revealed that at least two of the five prospective issuers have been notified of the SEC’s possible rejection. Sources say the regulator will not make any new announcements in the final months of the Biden administration. crypto para He claims he doesn’t want to endorse his ETF. Bloomberg Intelligence analyst Eric Balchunas called Gensler’s stance a “parting gift” to the crypto industry.

Another Bloomberg Intelligence analyst, James Seyffart, echoed this perspective, pointing out that the SEC’s continued classification of Solana as a security or securities offering is a significant hurdle. “If I were Gensler, I wouldn’t accept any of this. “I would leave it to the next manager to sort out this mess,” he said.

Despite regulatory uncertainty, institutional interest in Solana ETFs is growing, with major companies such as Bitwise, VanEck, 21Shares and Canary Capital filing. Solana’s appeal stems from its high-speed and scalable blockchain, which will lead to significant user activity and ecosystem growth through 2024.

Eliezer Ndinga, chief strategy officer at 21.co, highlighted Solana’s growing corporate momentum: “Solana is sending a message that the smart money is coming this way.” SOL is up 160% year-to-date, further solidifying its position as a rising star in the crypto world.

Looking ahead, analysts predict a significant shift in the SEC’s approach to crypto regulation under President-elect Trump. New SEC Chairman Paul Atkins, a known proponent of digital asset innovation, is expected to bring a more cohesive stance to the agency.

Trump’s pro-crypto regulatory team, which includes Treasury Secretary nominee Scott Bessent and Commerce Secretary nominee Howard Lutnick, is pointing to a potential green light for crypto-focused financial products. Analysts like Seyffart believe approval of the Solana ETFs is a matter of “not if, but when” under new management.

Gary Gensler’s term as SEC Chairman will end on January 20, and crypto market participants will be closely watching how the new administration handles Solana ETF applications. Bloomberg’s Balchunas expects issuers to reapply under Paul Atkins’ leadership if Gensler blocks approvals before leaving office.

*This is not investment advice.