The possibility of a Solana exchange-traded fund (ETF) being approved in the next year is closely tied to the likelihood of a change in the U.S. presidency, according to Bloomberg’s senior ETF analyst. He stated that the chances of both events happening have increased compared to the previous day.
The anticipation surrounding the potential approval of a Solana spot ETF by the U.S. Securities and Exchange Commission (SEC) has grown significantly after the recent approval of spot Ether ETFs. Furthermore, the filing for a Solana spot ETF by Vaneck has sparked further discussions and speculation, attracting the attention of investors and market analysts. The analyst stated:
“The odds of a Solana ETF being approved in the next 12 months are tied to the odds of a change in POTUS, and it is safe to say the chances of both are higher today than they were yesterday.”
However, the analyst emphasized that Bloomberg has not provided an exact probability at this point, as it is still too early to determine.
The reference to the chances being higher today than they were yesterday could be related to the recent presidential debate between former President Donald Trump and President Joe Biden. Concerns arose about Biden’s ability to serve another term after the debate, leading to discussions within the Democratic Party about the possibility of nominating a different candidate. Additionally, prediction markets have shown an increased likelihood of Biden withdrawing from the presidential race.
Meanwhile, Trump has positioned himself as the “crypto president,” promising to reverse Biden’s anti-crypto policies, safeguard Bitcoin, and prevent the creation of a central bank digital currency (CBDC). He has also pledged to support Bitcoin mining. Notable figures in the cryptocurrency community, including Gemini founder Cameron and Tyler Winklevoss and Kraken founder Jesse Powell, have made donations to Trump’s presidential campaign.
In response to Vaneck’s Solana ETF filing, the Bloomberg analyst explained that while the initial reaction might be to dismiss the approval due to the absence of a Solana futures market, a change in the presidency could change this outlook. He suggested that with new leadership, anything is possible, including the appointment of a pro-crypto SEC commissioner like Hester Peirce. Such a shift could significantly increase the chances of a Solana spot ETF being approved.
The analyst wrote, “The knee jerk reaction here is ‘oh this will never be approved because there aren’t Solana futures.’ I agree, but if there is a change in POTUS, I think anything is possible. Just imagine Hester Peirce (or someone like that) running the SEC.”
What are your thoughts on the potential approval of Solana spot ETFs and its connection to U.S. political changes? Let us know in the comments section below.
