On August 21, Eric Balchunas, a senior ETF analyst at Bloomberg, posted on social media X that unless there is a change in the U.S. government leadership, the possibility of Solana ETF approval is almost negligible. He further pointed out that the chances of approval in 2024 are almost zero, and even if Harris wins the election, the chances in 2025 may also be close to zero. Balchunas pinned his hopes on Trump being re-elected as president. It was previously reported that the U.S. Securities and Exchange Commission (SEC) had rejected Cboe BZX's two Solana spot ETF 19b-4 applications, which have since been withdrawn from the Cboe website. Market rumors suggest that the SEC refused these applications before formal review, fearing that Solana might be incorrectly classified as a security.