Recently, the SEC announced it would reject the application for a Solana-based spot exchange-traded fund (ETF), sparking widespread discussion within the crypto industry. As a cryptocurrency enthusiast, I feel deeply about this. This is not just a setback for Solana, but a profound reflection on how the entire industry can advance towards mainstream adoption.
Why the refusal? Gensler's "farewell gift"?
According to reports, the SEC's decision marks a "farewell summary" of the current chairman Gary Gensler's tenure before it ends. Under his leadership, the SEC has taken a tough regulatory stance on several crypto projects, including lawsuits against giants like Binance and Coinbase.