Bloomberg ETF analyst James Seyffart said in an interview before 21Shares became the second solana applicant, I think the VanEck application is a call option for the November election, and under the current SEC management - based on years of approval and denial orders for crypto ETFs - the solana ETF should be rejected because there is no federally regulated futures market. But a new administration in the White House and a new SEC administration that is more willing to abide by crypto policies could change that.