As a seasoned crypto investor with a decade of experience navigating the wild west that is the digital asset market, I find myself intrigued by the recent flurry of ETF filings for alternative cryptocurrencies. Eric Balchunas’s analogy of these filings as “call options on a Trump victory” in the upcoming presidential elections strikes a chord with me.
In simple terms, the surge of applications to launch alternative cryptocurrency exchange-traded funds (ETFs) in the U.S. is seen as a ‘hopeful bet’ or ‘prediction’ for a Trump win in the upcoming presidential elections, according to Eric Balchunas, an ETF analyst at Bloomberg Intelligence, stated on October 25th.
If Donald Trump were to win, it’s likely that he would appoint a more libertarian-leaning chair for the Securities and Exchange Commission, according to Balchunas at the Plan B Forum conference in Lugano, Switzerland.
If a Trump win occurs, keep an eye on this spot, but in case a Kamala Harris triumph happens, let’s set aside any discussions for a while according to Balchunas.
Related: Harris beats Biden, lags Trump on crypto policy — Galaxy Research
After long-standing opposition from the Securities and Exchange Commission (SEC), exchange-traded funds (ETFs) backed by Bitcoin (BTC) and Ether (ETH) were finally listed for trading in the United States, with the BTC ETF debuting in January and the ETH ETF following in July.
Now, issuers are seeking to register ETFs for other tokens, including Solana (SOL) and XRP (XRP).
Last month, the securities exchange Cboe petitioned regulatory bodies for approval to list the upcoming Solana ETFs by VanEck and 21Shares.
In the month of October, both Canary Capital and Bitwise submitted applications for potential Exchange-Traded Funds (ETFs) based on XRP. Additionally, Canary Capital filed an application to register a Litecoin (LTC) spot ETF on October 15th.
In the upcoming November election, Republican candidate Donald Trump, who advocates for making America a leading hub in the world of cryptocurrency, faces Democrat nominee Kamala Harris. While Harris has shown more favorable views towards cryptocurrencies than President Joe Biden, she is not as industry-friendly as Trump, according to Galaxy Research’s statement on October 14.
With Biden’s leadership, the Securities and Exchange Commission (SEC) has adopted a proactive regulatory approach towards cryptocurrencies, initiating over 100 regulatory actions against various industry firms.
In July, Trump indicated that he would dismiss Gary Gensler, the current chairman of the Securities and Exchange Commission (SEC), should he be elected.
Inflows from cryptocurrency funds represented 13 out of the top 25 largest Exchange-Traded Fund (ETF) launches in 2024, as reported on the X platform by Nate Geraci, president of The ETF Store, a financial advisory firm.
In a recent post, Geraci stated that Bitcoin has been the leading force in the ETF sector this year, representing six out of the ten most successful launches in 2024.
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2024-10-25 22:11