Bloomberg Analyst Discusses Solana ETF Deadline and Election Impact

According to a senior ETF analyst at Bloomberg, the final deadline for the approval of Solana exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) will be in mid-March 2025. However, the analyst emphasized that the outcome of the U.S. presidential election in November will play a crucial role in determining their approval.

The analyst, Eric Balchunas, discussed the political impact on Solana ETFs and highlighted key dates and implications. He stated that the most crucial date is in November, likely referring to the U.S. presidential election. Balchunas suggested that if President Joe Biden is re-elected, the ETFs are likely to be “dead on arrival” (DOA). On the other hand, if former President Donald Trump wins, Balchunas hinted that the approval of Solana ETFs becomes more probable.

The Biden administration has taken a cautious approach to cryptocurrencies, with key officials expressing concerns about potential fraud, market manipulation, and illicit activities. In contrast, Trump has expressed support for cryptocurrencies and has promised to overturn the Biden administration’s anti-crypto policies.

The SEC recently approved spot Bitcoin ETFs in January, signaling a significant step toward the integration of cryptocurrencies into traditional finance. The SEC is now evaluating similar ETFs for Ether and expects them to debut this summer. Two issuers, Vaneck and 21shares, have submitted filings with the SEC to introduce Solana ETFs. Additionally, 3iq Digital Asset Management has filed a preliminary prospectus for an initial public offering in Canada for a Solana fund, aiming to be the first Solana exchange-traded product (ETP) in North America.