The two main contestants in the elections are Joe Biden from the Democratic party and Donald Trump, the Republican nominee.
The United States Securities and Exchange Commission (SEC) is yet to acknowledge the applications filed by VanEck and 21Shares to list spot Solana ETFs. However, once these applications are acknowledged, the SEC will have 240 days to approve or reject the ETFs.
Key Takeaways
• Solana ETF applications from VanEck and 21Shares still pending SEC acknowledgment.
• Upon acknowledgment, the SEC has 240 days to make a decision on the ETFs.
• Approval or rejection of the ETFs may be influenced by the outcome of the upcoming presidential elections.
• If Trump wins and Gensler is removed from his position, the approval of Solana ETFs is more likely.
• If Biden wins and Gensler remains in his role, the approval of Solana ETFs is less likely.
According to ETF analyst Nate Geraci, the SEC’s decision clock will begin ticking upon acknowledgment of the Solana ETF filings. The Commission will then have 240 days to approve or reject the ETFs.
Meanwhile, senior Bloomberg ETF Analyst Eric Balchunas believes that the SEC will make its decision on the spot Solana ETFs by mid-March 2025. However, he also noted that the possibility of approval is highly dependent on who wins the upcoming November presidential elections.
“Looks like Solana ETFs are going to have a final deadline of mid-March 2025. But between now and then the most [important] date is in November,” Balchunas wrote in his X post.
The two main contestants in the elections are Joe Biden from the Democratic party and Donald Trump, the Republican nominee. As the current president of the United States, Biden’s administration has been cracking down on the crypto ecosystem in the region. This is evident in how many enforcement actions SEC Chair Gary Gensler and his team pushed on crypto exchanges. The biggest recipients of these enforcement actions include Binance, Coinbase Global Inc (NASDAQ: COIN), and Kraken.
Many crypto enthusiasts are clamoring for Trump to be president because of his obvious support for cryptocurrencies and blockchain companies. In his campaign, he has not failed to talk about his plans for the digital asset sector post-election. This forms the basis of Balchunas’s speculation. Having a crypto-inclined leader in the White House would go a long way in promoting digital assets-based products.
Plus, it is expected that should Trump become President of the US, Gensler will be ousted from his position as SEC Chairman. The crypto community is expecting that he is replaced by Robinhood’s Chief Legal Officer (CLO) Dan Gallagher. Meanwhile, if Biden wins, Balchunas suggests that Solana ETFs will likely be “dead on arrival.”
Solana Ranks Among Digital Currencies Whose Decentralization, Throughput, And Speed Make Them Resistant To Manipulation – Cboe
So far, VanEck and 21Shares have filed with the securities regulator to list spot Solana ETFs. On Monday, the Chicago Board Options Exchange (Cboe) filed applications to list both VanEck and 21Shares’ proposed ETFs, suggesting a progression in the push for the new ETF. The exchange sees prospects for the Solana ETFs, comparing them to spot Bitcoin and spot Ethereum ETFs which received SEC approval in January and May respectively.
Solana ranks amongst these digital currencies whose decentralization, throughput, and speed make them resistant to price manipulation that could potentially cause harm to investors. In both filings, Cboe lauded Solana’s capabilities.
“Much like Bitcoin and ETH, the Exchange believes that SOL is resistant to price manipulation and that ‘other means to prevent fraudulent and manipulative acts and practices’ exist to justify dispensing with the requisite surveillance sharing agreement,” Cboe wrote.
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