Donald Trump Victory Is Paving the Way for Altcoin ETFs
Key Points:
- Crypto advocates are optimistic about the approval of alternative cryptocurrency ETFs following Donald Trump victory.
- The SEC has received multiple ETF applications for tokens like Solana, XRP, and Litecoin.
According to Bloomberg, Donald Trump victory in the US presidential election had ignited optimism among advocates of alternative cryptocurrency, as well as those who expect the possible approval of crypto exchange-traded funds.
Read more: Binance Founder CZ Increases Net Worth to $53 Billion After Trump WinÂ
Donald Trump Victory Sparks Optimism for Crypto ETF Approval
Unlike the Biden administration, Trump has shown enthusiasm for digital assets, and that’s raising expectations across Wall Street for a smoother path to the launch of a wider range of crypto ETFs.
The U.S. Securities and Exchange Commission alone has received applications this year for a host of funds tracking different types of digital tokens, such as Solana, XRP, and Litecoin. Filings are indicative of the industry’s push to bring crypto investments into the mainstream.
Bloomberg Intelligence’s senior ETF analyst, Eric Balchunas, said, “these altcoin ETFs were going to be pretty much dead-on-arrival if Harris won but with Trump they at least have a fighting chance.” While he added, that approval isn’t necessarily a given, Trump‘s position seems to eliminate some of the regulatory barriers.
Crypto ETF Applications Soar as Market Sets Sights on Regulation Shift
The momentum builds on a recent wave of ETFs that began offering exposure to major cryptocurrencies this year, including Bitcoin and Ether. Since the launch, Bitcoin ETFs have pulled in more than $24 billion in net inflows, while Ether ETFs have seen about $500 million in outflows.
Markets immediately reacted to a Donald Trump victory, with Bitcoin reaching new highs and smaller tokens rallying. BlackRock’s Bitcoin ETF alone saw $4.1 billion in trading volume on Wednesday, its highest on record.
Trump’s return marks a dramatic comeback from his previous legal battles and a full-circle moment from crypto sceptic to loud supporter. Whether he can actually influence the independent agency is anyone’s guess, although Trump has promised to oust SEC Chair Gary Gensler for crypto-friendly regulators.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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Donald Trump Victory Is Paving the Way for Altcoin ETFs
Key Points:
- Crypto advocates are optimistic about the approval of alternative cryptocurrency ETFs following Donald Trump victory.
- The SEC has received multiple ETF applications for tokens like Solana, XRP, and Litecoin.
According to Bloomberg, Donald Trump victory in the US presidential election had ignited optimism among advocates of alternative cryptocurrency, as well as those who expect the possible approval of crypto exchange-traded funds.
Read more: Binance Founder CZ Increases Net Worth to $53 Billion After Trump WinÂ
Donald Trump Victory Sparks Optimism for Crypto ETF Approval
Unlike the Biden administration, Trump has shown enthusiasm for digital assets, and that’s raising expectations across Wall Street for a smoother path to the launch of a wider range of crypto ETFs.
The U.S. Securities and Exchange Commission alone has received applications this year for a host of funds tracking different types of digital tokens, such as Solana, XRP, and Litecoin. Filings are indicative of the industry’s push to bring crypto investments into the mainstream.
Bloomberg Intelligence’s senior ETF analyst, Eric Balchunas, said, “these altcoin ETFs were going to be pretty much dead-on-arrival if Harris won but with Trump they at least have a fighting chance.” While he added, that approval isn’t necessarily a given, Trump‘s position seems to eliminate some of the regulatory barriers.
Crypto ETF Applications Soar as Market Sets Sights on Regulation Shift
The momentum builds on a recent wave of ETFs that began offering exposure to major cryptocurrencies this year, including Bitcoin and Ether. Since the launch, Bitcoin ETFs have pulled in more than $24 billion in net inflows, while Ether ETFs have seen about $500 million in outflows.
Markets immediately reacted to a Donald Trump victory, with Bitcoin reaching new highs and smaller tokens rallying. BlackRock’s Bitcoin ETF alone saw $4.1 billion in trading volume on Wednesday, its highest on record.
Trump’s return marks a dramatic comeback from his previous legal battles and a full-circle moment from crypto sceptic to loud supporter. Whether he can actually influence the independent agency is anyone’s guess, although Trump has promised to oust SEC Chair Gary Gensler for crypto-friendly regulators.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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