Bloomberg analyst sees SOL and XRP ETF filings as bets on Trump victory
Alex O’Donnell, on Oct. 25, 2024, reports that the filings for SOL and XRP ETFs in the United States are seen as “call options on a Trump victory” in the upcoming presidential elections, according to ETF analyst Eric Balchunas from Bloomberg Intelligence. Balchunas mentioned that if Donald Trump wins, he is likely to appoint a more libertarian SEC chair, making it favorable for the ETFs. However, if Kamala Harris wins, the outlook may not be as positive for a couple of years. Recent ETF launches for Bitcoin and Ethereum have been successful, and now issuers are looking to register ETFs for alternative cryptocurrencies like Solana and XRP. The upcoming election between Trump and Harris will have an impact on the crypto industry, with Trump aiming to make America the “crypto capital of the world” while Harris has been relatively quiet on the topic. Under Biden, the SEC has taken a stricter regulatory stance on crypto, with over 100 regulatory actions against industry companies. Cryptocurrency funds have been a significant part of the top ETF launches in 2024, with Bitcoin leading the way.
