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The US Securities and Exchange Commission (SEC) has rejected the Solana (SOL) ETF applications made by 21Shares and VanEck. This situation had a major impact on the cryptocurrency market. It was learned that the SEC conveyed to the applicants the concern that Solana could be considered a security. Due to these concerns, the applications were rejected and also removed from the CBOE’s official website.
In addition, 21Shares’ application for the Solana ETF was also removed from the EDGAR system, but VanEck’s application is still in the system. VanEck’s research manager Matthew Sigel stated that the process is ongoing.
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It is thought that the Solana ETFs could be approved in the first quarter of 2025 at the earliest and the elections in November 2024 could be decisive in this process. It is stated that the approval process of the Solana ETFs could be extended even further, especially if the Democrats win the elections.
These developments caused a significant decrease in the price of Solana. SOL, which approached $195 about a month ago, is currently trading at $145.
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