Orhan 
In the United States, some fund providers are accelerating their exchange-traded fund (ETF) applications for Solana (SOL) and XRP ahead of the presidential election in November. Bloomberg Intelligence ETF analyst Eric Balchunas stated on October 25 that these ETF applications are seen as “call options on a Trump victory.”
Speaking at the Plan B Forum event in Lugano, Switzerland, Balchunas said, “If Trump wins, he will definitely appoint a more libertarian SEC chair.” He added that if Democratic candidate Kamala Harris wins, the approval of crypto ETF applications could be delayed by a few years.
Trump Supports Crypto While Biden Administration Enforces Strict Measures
In the upcoming November election, Trump presents a more crypto-friendly stance. Pledging to make America the “crypto capital of the world,” Trump differentiates himself from current President Joe Biden and Vice President Kamala Harris. While Harris is more moderate than Biden on crypto, she is not as supportive as Trump.
The Biden administration is known for its strict regulations on the crypto sector. Throughout 2024, the U.S. Securities and Exchange Commission (SEC) has initiated over 100 regulatory actions against crypto companies. Trump, if elected, has vowed to remove current SEC Chair Gary Gensler.
SOL and XRP ETF Applications Signal Rise in Crypto Funds
Following the approval of Bitcoin and Ethereum ETFs in early 2024 in the U.S., similar applications have been filed for other crypto assets like Solana and XRP. In July, the Cboe exchange applied for authorization to list VanEck and 21Shares’ SOL ETF. In October, ETF providers Canary Capital and Bitwise completed their applications for XRP ETFs. Additionally, Canary Capital filed for a spot Litecoin ETF on October 15.
Top ETF Launches of 2024. Source: The ETF Store
Bitcoin has dominated 2024’s ETF market, holding six of the top 10 spots among the year’s most successful ETF launches. Nate Geraci, president of investment advisory firm The ETF Store, noted that 13 of the top 25 ETF launches by August 2024 were crypto funds.
The pace of crypto ETF applications in the U.S. could accelerate or be postponed depending on the election outcome.
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