On August 20, Eric Balchunas, a senior ETF analyst at Bloomberg, wrote on X: "Unless there is a change in leadership in the US government, the likelihood of Solana ETF approval is minimal." Balchunas added: "The chances of getting approval in 2024 are almost zero, and if Harris wins, it could be close to zero in 2025. My only hope is that Trump wins." The SEC rejected two Solana Spot ETF19b-4 applications filed by CboeBZX, according to sources. As a result, the applications have been withdrawn from Cboe's website. Some speculate that the SEC rejected the applications even before it formally considered them because of regulators' "concerns" about Solana being classified as a security.