With U.S. election dynamics stirring cryptocurrency markets, upcoming Solana and XRP ETFs might hinge on potential shifts in regulatory coverage if Donald Trump wins the presidency. Analysts counsel a Trump victory may usher in pro-crypto management on the SEC, sparking optimism within the ETF sector.
Trump Victory Might Drive Crypto ETF Panorama
The surge in purposes to checklist cryptocurrency exchange-traded funds (ETFs) within the US represents “name choices on a Trump victory” within the subsequent presidential elections, based on Bloomberg Intelligence’s Eric Balchunas, who focuses on ETFs, on October 25.
Through the Plan B Discussion board convention in Lugano, Switzerland, Balchunas acknowledged, “If [former US president Donald] Trump wins […] he will certainly put in a extra libertarian [Securities and Exchange Commission] chair”.
“So should you see a Trump victory, watch this house, and should you see a [Kamala] Harris victory, simply neglect about it for a few years,” Balchunas added.
SEC Resistance Softens, Bitcoin and Ether ETFs Achieve Floor
In keeping with Cointelegraph, after years of opposition from the SEC, Bitcoin ETFs have been listed in January and Ether ETFs in July within the US. Issuers are at the moment making an attempt to produce other tokens, such as XRP and Solana, registered as ETFs.
The proposed SOL ETFs by VanEck and 21Shares have been first submitted to authorities for approval by monetary change Cboe in July.
Current XRP and Litecoin ETF Filings Add to Trade Momentum
Two exchange-traded fund (ETF) issuers, Canary Capital and Bitwise, submitted proposals for XRP ETFs in October. Together with that, Canary registered a spot Litecoin ETF on October 15.
Candidates Differ in Strategy to Crypto Regulation
Democratic nominee Kamala Harris has been principally silent on the enterprise, in distinction to Republican contender Donald Trump, who has acknowledged his want to make America “the crypto capital of the world”—within the upcoming November election.
In keeping with Galaxy Analysis, VP Harris is extra lenient on cryptocurrencies than her boss Joe Biden was, however she continues to be not as pro-industry as Trump (Oct. 14).
Biden Administration’s Regulatory Actions Impact Crypto Sector
The SEC has introduced as much as 100 regulatory actions towards corporations within the cryptocurrency market since Biden took workplace, demonstrating an aggressive regulatory posture towards the sector.
If Trump is elected, he’ll “fireplace” Gary Gensler, who’s presently the pinnacle of the SEC, as he acknowledged in July.
Bitcoin ETFs Dominate 2024 Launches
In a publish on the X platform, Nate Geraci, president of The ETF Retailer, a monetary adviser, revealed that 13 out of the twenty-five largest exchange-traded fund (ETF) launches in 2024 by inflows by means of August have been cryptocurrency funds.
The ETF panorama has been fully taken over by Bitcoin this 12 months, with six out of the highest ten most profitable launches in 2024 being Bitcoin-related, based on Geraci’s X article.