Krutika Adani
The SEC has effectively rejected the two Solana ETFs from VanEck and 21Shares, bringing the approval process to a halt.
The top regulator has still maintained Solana’s status as a security and hints no change in the near future.
One critical reason for the rejection could be the lack of ETF applicants unlike in the previous two cases of Bitcoin and Ethereum.
Under the current US administration, analysts have little to no hope for the Solana ETF approval.
However, the result of the US elections could significantly impact the ETF prospects if the current administration, i.e., Democrats, lose power.