Bloomberg ETF analysts estimate that the chances of Solana spot ETF applications approval under the Biden administration are “almost nil.”
Solana ($Sol) is a popular Proof-of-stake (PoS) crypto network which is mainly known for its high scalability. Hypothetically the Solana network can process 70 thousand transactions per second but so far this network showed its practical performance below 2% of 70k TPS.
The current trade price for Sol coin is $147 & this trade price is 12.5% high over the last 7 days period.
In June, US based two fund managers namely Vanck & 21 Shares filed a Solana spot ETF independently with the United States Securities and Exchange Commission (SEC).
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Matthew Sigel, Head of Digital Assets Research at VanEck, confirmed that the company’s Solana spot ETF proposal is based on the speculation that the former US president Donald Trump will win the US presidency.
He noted that the deadline for VanEck’s application is March 2025, which is after the US Presidential elections in November. Sigel responded to this speculation with a simple statement “Can confirm.”
According to Crypto analysts, the Sol spot ETF approval chances are “near zero” if Joe Biden stays in office, but “better, though not guaranteed” if Trump wins. If Trump wins, he would likely replace SEC chair Gary Gensler.
It’s important to understand that these are all speculative analyses and guesses. In reality, neither the U.S. president nor any official has the direct authority to force the SEC chairman to resign.
Gary Gensler, the current SEC chairman, will serve until June 2026. Given this, we should remain bearish on Solana spot ETF applications. However, the political environment & new crypto decided rules could potentially influence the SEC’s stance on cryptocurrencies.
Read also: Cardano founder Charles Hoskinson Sounds Alarm on AI Censorship and Bias by Big Tech
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