2024-6-11 22:59 |
As the 2024 US presidential election approaches, the prospects for altcoin exchange-traded funds (ETFs), particularly Solana, could hinge significantly on the political outcome.
The Securities and Exchange Commission (SEC) has recently shown some leniency by allowing fund managers to list spot Ethereum ETFs. However, SEC Chair Gary Gensler cautioned that it would take time for these to launch.
Trump Victory Could Boost Solana ETF Approval OddsSpeculation about the next potential crypto ETF has already begun, with Solana emerging as a leading contender. Cathie Wood, CEO and CIO of ARK Invest, stated that major financial institutions would likely focus on the top cryptocurrencies when pushing for new ETFs, mentioning Solana as the next potential target.
Interestingly, Franklin Templeton, managing approximately $1.64 trillion in assets, has praised Solana’s significant growth and even hinted at the launch of an altcoins fund.
“On Solana, we see Anatoly’s vision of a single atomic state machine as a powerful use case of decentralized blockchains, lowering information asymmetry. And we are impressed by all the activity seen on Solana in Q4 2023: DePIN, DeFi, Meme Coins, NFTs, Firedancer,” Franklin Templeton said.
Meanwhile, CoinShares reported a significant increase in altcoin holdings among hedge funds and wealth managers, specifically noting Solana. Ophelia Snyder, co-founder and president of 21.co, echoes this growing interest, reporting nearly $990 million in assets under management for the firm’s Solana exchange-traded product (ETP) on European exchanges.
Read more: How to Buy Solana (SOL) and Everything You Need To Know
Crypto Investment Flows. Source: CoinSharesGiven Donald Trump’s position as a pro-crypto candidate, Bloomberg ETF analyst Eric Balchunas speculated that his victory could lead to a more favorable environment for altcoin ETFs. Trump could potentially appoint a new SEC commissioner with a more lenient approach toward cryptocurrencies.
Indeed, a Trump win in the 2024 US presidential election might prompt ETF issuers to flood the SEC with new applications, testing the waters with various altcoin ETFs, such as Solana, as Wood mentioned.
“If Trump wins, we could see other coins as ETFs, in my opinion,” Balchunas said.
Despite the enthusiasm, US regulatory approval remains stringent, and the SEC’s recent acceptance of Ethereum ETFs was a challenging process. Balchunas remarked that the SEC’s approval timeline could delay the introduction of another altcoin ETF by years.
Read more: Solana (SOL) Price Prediction 2024 / 2025 / 2030
He also pointed out that a continued Democratic administration could maintain the current restrictive approach, reducing the likelihood of new altcoin ETF approvals. For this reason, the approval process remains cautious and conservative until then.
The post Analyst Predicts Solana ETF If Donald Trump Wins Presidency appeared first on BeInCrypto.
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