The Bitcoin and altcoin markets experienced very active hours yesterday. While the tension between Israel and Iran caused a decrease in BTC and altcoin prices, the move made by Bitwise positively affected the XRP price.
Accordingly, following the XRP news, a Bitwise spokesperson confirmed that the XRP ETF registration was real and stated that Bitwise registered the Delaware trust for the XRP ETF.
Trump's Win Could Change the Fate of XRP and Solana ETFs!
While Bitwise’s XRP move has rekindled ETF rumors, Bloomberg ETF analyst Eric Balchunas said that a possible victory for Donald Trump in the upcoming US presidential election could change the fate of XRP and Solana ETFs.
Eric Balchunas noted that it is difficult to get new cryptocurrency ETFs like SOL and XRP approved in the face of the administration led by SEC Chairman Gary Gensler and the current regulations.
Balchunas said that Trump needs to win in order for different crypto ETFs like SOL and XRP to gain approval.
The analyst noted that a win for former President Donald Trump could result in Gensler leaving office and pave the way for more lenient rules that would allow ETFs for altcoins like Solana and XRP to be approved.
At this point, Balchunas stated that Donald Trump's election victory could increase the chances of approval for XRP and SOL ETFs.
You’ve heard of the Fed Put. This is like the Trump Call.. filings for XRP or Solana or any other alt coins are basically like a cheap call option on a Trump win as Genz will be gone and anything’s poss. Harris wins no way these get approved, and the “call” expires worthless. https://t.co/mkpCbqEuQ4
— Eric Balchunas (@EricBalchunas) October 1, 2024
Nate Geraci, president of The ETF Store, also said the chances of a Solana ETF being approved in the next year or two are still slim given the current administration’s stance. While Solana ETFs have faced delays in the U.S., Brazil has approved two spot Solana ETFs.
*This is not investment advice.
