Bloomberg Analyst Predicts Solana ETF Decision By March 2025 at Latest

By Jody McDonald July 10, 2024 In Cryptocurrency, ETF, ETFs, SEC, Solana
Solana SOL cryptocurrency symbol, logo. Business and financial concept. Hand with smartphone, screen with crypto icon closeup
  • Cboe exchange has filed 19-4b forms with the SEC to allow it to list Solana-based ETFs from VanEck and 21Shares, with the final deadline for a approval decision likely falling in mid-March 2025.
  • Bloomberg’s senior ETF analyst, Eric Balchunas, posted on X to say the real key date for these ETFs comes in November’s Presidential election, with a Biden win all but killing any hopes of their approval.

ETH gets an ETF! SOL gets an ETF! Everyone gets an ETF! (Maybe)

There was a veritable frenzy of ETF filings by Cboe in downtown Chicago yesterday as the exchange submitted 19-4b forms to allow the listing of Solana-based ETFs from VanEck and 21Shares.

According to Bloomberg’s senior ETF analyst, Eric Balchunas, once the SEC acknowledges receipt of these forms the countdown begins to a decision on Solana ETF approvals, which Balchunas says will likely have a final deadline date of mid-March 2025.

However the more important date, according to Balchunas, comes in November of this year with the US Presidential election, with a Biden win killing off any chance of Solana ETF approvals.


Related: VanEck Applies for Spot Solana ETF in the US 

Election Result All-Important For Prospects Of Solana ETFs, Says Analyst

Posting on X yesterday, Balchunas said that although the final deadline for an approval decision comes in mid-March of 2025, the real key date is this year’s election in November:

Looks like Solana ETFs are going to have a final deadline of mid-March 2025. But between now and then the most imp date is in November. If Biden wins, these likely DOA. If Trump wins, anything poss.

Eric Balchunas, Bloomberg’s senior ETF analyst

Why exactly would a Biden win kill any hope of a Solana ETF approval? Well Balchunas didn’t elaborate in his X post, but it likely has something to do with the SEC declaring SOL an unregistered security last year in its lawsuits against crypto exchanges, Binance and Coinbase. 

Related: Trump Declares Bid to Become “Crypto President” in 2024 Campaign Push, Vows to Revolutionise Digital Currency Landscape 

Another important factor in Balchunas’ thinking is likely that the SEC, under the Biden administration, has been particularly unfriendly towards the digital assets industry, implementing a ‘regulation through enforcement’ approach and providing little guidance to help crypto companies avoid regulatory action. 

While the SEC has warmed to crypto slightly in recent months, Trump is still much more vocally supportive of the crypto industry, going as far as declaring himself the “crypto president” at an event last month.

Jody McDonald

Jody McDonald

Jody is a Brisbane-based freelance writer who specialises in writing about business, technology, and the future of work.

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