The chances of Solana ETF approval in the US this year are extremely low. The SEC has rejected or removed preliminary applications for these ETFs, likely due to doubts about Solana’s classification as a security. Bloomberg analyst Eric Balchunas suggests that the likelihood of approval under the current administration is close to zero and no significant improvement is expected in 2025 without a change in political leadership.

ETFStore president Nate Geraci is also skeptical, arguing that approval would depend on whether Solana is classified as a commodity rather than a security. However, Matthew Sigel, head of cryptoasset research at VanEck, notes that the “My Big Coin” case from 2018 could have a positive influence. In that case, a judge determined that the My Big Coin token was a commodity, allowing the case to proceed under CFTC regulation.

Despite these hurdles, VanEck is moving forward with its Solana ETF application, as the filing remains active, even though the Cboe has removed the relevant applications from its website. Hopes for a potential approval could depend on future changes in regulation or government leadership.#Binance #Solana⁩