Solana (SOL) ETF Approval Hinges on the Outcome of the 2024 United States Presidential Election, Says Bloomberg Analyst

Renowned Bloomberg financial analyst Eric Balchunas has rocked the cryptosphere by suggesting that the upcoming United States presidential election could determine the outcome of Solana's exchange-traded fund (ETF) filings.

Bloomberg financial analyst Eric Balchunas has shared his thoughts on the upcoming United States presidential election and its potential impact on the approval of Solana (SOL) exchange-traded funds (ETFs).

According to Balchunas, if Biden wins the election, it will likely not bode well for Solana ETF products. However, if Trump wins, it could open up opportunities for cryptocurrency regulation, as “anything is possible” in such a case. The financial analyst also noted that mid-March 2025 will likely be the SOL ETF decision deadline.

As reported by DailyCoin earlier this week, The Chicago Board Options Exchange (CBOE) filed two Form 19b-4 applications on behalf of VanEck and 21 Shares. The filing disclosed several important traits of SOL that serves as an argument for the Layer-1 blockchain’s native coin to be listed in the ETF products.

For instance, the description declares, “Much like Bitcoin and ETH, the Exchange believes that SOL is resistant to price manipulation.”

Furthermore, the Chicago-based exchange’s letter to the United States Securities and Exchange Commission (SEC) acknowledges that attempts to manipulate Solana’s (SOL) price have been made due to wash trading, but this does not impact prices on major exchanges, as “participants will generally ignore markets with quotes that they deem non-executable.”

Despite these developments, the overall belief that the Solana ETF will be approved by the end of 2024 is still quite low at just 10%, according to the latest polls from PolyMarket.

However, this should not lower the chances of a Solana ETF being approved in 2025, as Gensler’s crew will have 240 days to decide after the revised fillings are submitted, according to the SEC’s guidelines.

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Why This Matters

As major jurisdictions explore crypto adoption, the discussion about blockchain technology becomes a pivotal part of the world’s political landscape.

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