Bloomberg ETF analyst James Seyffart said in an interview before 21Shares became the second applicant for Solana that "I think VanEck's application is a call option for the November election. Under the current SEC management - based on years of approval and rejection of crypto ETFs - Solana ETF should be rejected because there is no federally regulated futures market. But the new government in the White House and the new SEC government, who are more willing to comply with crypto policies, may change this situation."