A senior Bloomberg ETF analyst says the final deadline for the approve of solana exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) will be mid-March 2025. He stressed that the U.S. presidential election in November will play a crucial role in their approval.

Analyst Discusses Political Impact on Solana ETFs

A senior ETF analyst at Bloomberg, Eric Balchunas, has shared his insight about the potential for the U.S. Securities and Exchange Commission (SEC) to approve spot solana exchange-traded funds (ETFs), highlighting key dates and political implications.

He explained on social media platform X on Wednesday that solana ETFs face a final deadline in mid-March 2025. However, he noted that the most crucial date is in November, likely referring to the U.S. presidential election. Balchunas suggests that the outcome of this election will significantly impact the prospects of these ETFs. If President Joe Biden is re-elected, he believes the ETFs are likely “dead on arrival” (DOA). Conversely, if former President Donald Trump wins, Balchunas hints that the approval of Solana ETFs becomes more probable. He wrote:

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.

The Biden administration has taken a cautious approach to cryptocurrencies, with key officials such as Treasury Secretary Janet Yellen and SEC Chair Gary Gensler raising concerns about potential fraud, market manipulation, and illicit activities. This cautious approach has resulted in heightened scrutiny and regulatory actions against the crypto industry. Moreover, Biden recently vetoed a resolution aimed at overturning the SEC’s controversial crypto rules in SAB 121. In contrast, former President and current presidential candidate Donald Trump has vowed to become the “crypto president.” He has promised to end Biden’s anti-crypto policies, champion bitcoin mining, and block the Federal Reserve from launching a central bank digital currency (CBDC).

The SEC approved spot bitcoin ETFs in January, marking a pivotal moment in the integration of cryptocurrency with traditional finance. Building on this decision, the SEC is now evaluating similar ETFs for ether. To date, the SEC has approved 19b-4 forms for eight spot ether ETFs and is collaborating with issuers to finalize S-1 (Registration Statement) filings necessary for these ETFs to launch. Gensler recently indicated that he expects ether ETFs to debut this summer.

Two issuers, Vaneck and 21shares, have submitted filings with the SEC to introduce Solana ETFs. Additionally, 3iq Digital Asset Management disclosed that its solana fund has filed a preliminary prospectus for an initial public offering in Canada. This fund aspires to be the first solana (SOL) exchange-traded product (ETP) in North America.