Bloomberg’s senior ETF analyst has stated that the odds of a Solana exchange-traded fund (ETF) being approved within the next 12 months are closely linked to the likelihood of a change in the U.S. presidency. He noted that it is “safe to say the chances of both are higher today than they were yesterday.”

Potential Approval of Solana Spot ETFs Linked to US Presidential Change

Bloomberg senior ETF analyst Eric Balchunas provided his insight regarding the potential approval of spot solana exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) on social media platform X Friday.

The anticipation surrounding the potential approval of a solana spot ETF by the SEC has intensified significantly following the recent approval of spot ether ETFs. Additionally, Vaneck‘s filing for a solana spot ETF on Thursday has further fueled discussions and speculation on the matter, drawing the attention of investors and market analysts alike. Balchunas shared:

The odds of a solana ETF being approved in next 12 months are tied at the hip to the odds of a change in POTUS and safe to say the chances of both are higher today than they were yesterday.

Nonetheless, he stressed that Bloomberg is “not giving any exact number on this yet,” emphasizing that it is “way too early.”

By suggesting that the chances are higher today than they were yesterday, Balchunas could be referencing the presidential debate between former President Donald Trump and President Joe Biden. Following the debate, concerns emerged regarding Biden’s capability to serve another term, prompting discussions within the Democratic Party about potentially nominating a different candidate. Additionally, prediction markets have seen an increase in the likelihood of Biden withdrawing from the presidential race.

Meanwhile, Trump has claimed the title of the “crypto president,” vowing to end Biden’s anti-crypto policies, protect Bitcoin, and halt the creation of a central bank digital currency (CBDC). He has also pledged to champion bitcoin mining. Several high-profile figures in the cryptocurrency community have donated to Trump’s presidential campaign, including Gemini founder Cameron and Tyler Winklevoss and Kraken founder Jesse Powell.

On Thursday, in response to Vaneck’s solana ETF filing, Balchunas explained that while the initial knee-jerk reaction might be to dismiss the likelihood of approval due to the absence of a solana futures market, a change in the presidency could alter this outlook. He suggested that with new leadership, it is conceivable that 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 gaining approval.

The Bloomberg analyst wrote: “The knee jerk reaction here is ‘oh this will never be approved bc there aren’t solana futures’ agree but.. if change at POTUS, I think anything poss. Just imagine Hester Peirce (or someone like that) running the SEC.”

What do you think about the potential approval of solana spot ETFs and its connection to U.S. political changes? Let us know in the comments section below.

Source: news.bitcoin.com.