Bloomberg analyst: SOL, XRP ETF filings are speculative bets on Trump re-election

In preparation for the November presidential elections in the United States, issuers are working on registering ETFs for Solana and XRP. Eric Balchunas, an ETF analyst at Bloomberg Intelligence, suggests that the recent surge in filings for alternative cryptocurrency exchange-traded funds can be viewed as “call options on a Trump victory” in the upcoming elections. Balchunas predicts that if Donald Trump wins, he will appoint a more libertarian chair for the Securities and Exchange Commission, leading to a more crypto-friendly environment. On the other hand, a victory for Kamala Harris may not be as favorable for the cryptocurrency industry.ETFs for Bitcoin and Ether were successfully listed in the US earlier this year, despite initial resistance from the SEC. Now, ETF issuers are turning their attention to other tokens like Solana and XRP. In July, Cboe requested permission to list planned Solana ETFs, and in October, Canary Capital and Bitwise filed for proposed XRP ETFs. Additionally, Canary submitted an application for a Litecoin ETF in mid-October. The presidential candidates have differing views on cryptocurrency, with Trump aiming to make America the “crypto capital of the world” and Harris maintaining a relatively quiet stance on the industry. Under Biden’s administration, the SEC has taken a strict regulatory approach towards crypto companies, initiating over 100 regulatory actions against the industry.During the Plan B Forum conference in Lugano, Switzerland, Balchunas expressed his belief that a Trump victory in the upcoming elections could have a significant impact on the cryptocurrency industry. However, the outcome of the elections remains uncertain, and the future regulatory environment for cryptocurrency in the US will depend on the election results.