It dont meet the selection criteria for olympic classes
They've also MADE the 49-er class fit the criteria after it was pretty clear that it would get in.
It is not a hard thing to do when the promise of becoming olympic is obvious. Hell all serious Tornado sailors will switch creating instantly a sufficient basis for ISAF recognized status. The year following the class satisfies all conditions.
By the way the design is called Volvo Extreme 20 and not Volvo Extreme 29 !
Wouter