SEC's Rejection of Solana Spot ETFs 🚫🪙
The U.S. SEC plans to deny two applications for Solana spot ETFs. Fox News reports that SEC Chairman Gary Gensler, set to resign on January 20, 2025, has no plans to approve new crypto asset ETFs during his tenure.

Potential Changes with New Leadership 🔄
Bloomberg analysts expect ETF applications will be resubmitted after Paul Atkins, the nominated successor, takes office. This shift in leadership could open the door for more favorable regulatory approaches.

Reasons Behind the SEC's Decision 📝
An analyst from Bloomberg elaborates that the SEC's stance on considering crypto assets as securities makes it inconsistent to approve such ETFs. Further delays are anticipated, pushing the original approval date of August 2025 further back.

Implications for Crypto Regulation ⚖️
The focus now turns to whether the SEC will continue its cryptocurrency regulations post-Gensler's departure. Ripple's legal chief noted the SEC submitted an 81-page report regarding the Binance case, indicating ongoing scrutiny.

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