SEC edges closer to Solana ETF approval amid political shifts

Fox Business reporter Eleanor Terrett has claimed that the SEC is quietly engaging with several issuers about approving a Solana ETF. With a potential pro-crypto administration under Donald Trump on the horizon, the regulatory body appears more open to greenlighting such a product.

Now that SEC Chair Gary Gensler has announced that he is resigning soon, public progress on a Solana ETF may occur anytime.

Trump’s crypto agenda boosts hopes for Solana ETF as SEC faces pressure to act

Terrett pointed to Donald Trump’s re-election campaign as a catalyst for the recent developments. Trump has pledged to overhaul U.S. crypto policy, including replacing SEC Chair Gary Gensler, an outspoken critic of the industry. Apparently aware of his precarious position, Gensler could pave the way for a more supportive regulatory environment under a new SEC leader.

Historically, Solana ETF applications have struggled to advance past the early stages of regulatory scrutiny. Once acknowledged, the SEC has a 240-day window to approve or deny applications, but previous filings have stalled indefinitely.

Recent activity suggests increased interest: Canary Capital filed for a Solana ETF in October, and Bitwise followed suit earlier this month. These filings may signal mounting pressure on the SEC to take action.

Gensler’s departure sets the stage for crypto-friendly regulatory shifts in 2025

Gary Gensler’s announcement that he will step down as SEC Chair on January 20, 2025, solidifies the timeline for a potential shift in U.S. crypto regulation. In a tweet Gensler praised the SEC’s mission and its team.

The SEC is a remarkable agency. The staff & the Commission are deeply mission-driven, focused on protecting investors, facilitating capital formation, & ensuring that the markets work for investors & issuers alike. The staff comprises true public servants.

— Gary Gensler (@GaryGensler) November 21, 2024

As he leaves office, a more favorable government administration for digital assets could be in place, so expectations for projects like a Solana ETF continue to rise. This move also emphasizes the scope of major regulatory changes in 2025, which might be a revolutionary year in the history of cryptocurrency and overall financial markets.

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