Gary Gensler's latest move? "SEC rejects Solana Spot ETFs"

This may well be SEC chief Gary Gensler's last act before he steps down in January. According to journalist Eleanor Terrett of FOX Business, the U.S. stock market watchdog SEC will reject at least two applications for a Solana Spot ETF.

The current Biden administration no longer wants to approve new crypto-ETFs. So far, five financial parties have submitted applications: VanEck, Bitwise, 21Shares, Canary Capital and Grayscale.

If the SEC does indeed reject these applications, it does not automatically mean that there will be no more Solana ETFs. In fact, there is a possible change coming within the SEC. Paul Atkins, a crypto advocate, is the most likely successor to Gensler. He could reconsider previous SEC decisions once he is in power.

This may cause delays, though. Until now, the SEC has always approved Spot ETFs for Bitcoin and Ethereum in groups. They are unlikely to deviate from this.