SOL, XRP ETF filings are ‘call options’ on Trump win: Bloomberg analyst
2024-10-26

The flurry of filings to list alternative cryptocurrency exchange-traded funds (ETFs) in the United States are “call options on a Trump victory” in the upcoming presidential elections, Eric Balchunas, an ETF analyst at Bloomberg Intelligence, said on Oct. 25.
“If [former US president Donald] Trump wins […] he will definitely put in a more libertarian [Securities and Exchange Commission] chair,” Balchunas said during the Plan B Forum conference in Lugano, Switzerland. 
“So if you see a Trump victory, watch this space, and if you see a [Kamala] Harris victory, just forget about it for a couple of years,” Balchunas said. 
Related: Harris beats Biden, lags Trump on crypto policy — Galaxy Research
Bitcoin BTCUSD and Ether ETHUSD ETFs were listed in the US in January and July, respectively, after years of resistance from the SEC. 
Now, issuers are seeking to register ETFs for other tokens, including Solana SOLUSD and XRP XRPUSD. 
In July, securities exchange Cboe asked regulators for permission to list VanEck’s and 21Shares’ planned SOL ETFs. 
In October, ETF issuers Canary Capital and Bitwise both filed for proposed XRP ETFs. Canary also filed to register a spot Litecoin (LTC) ETF on Oct. 15.
The November election pits Republican nominee Donald Trump — who has said he wants to make America “the crypto capital of the world” — against Democrat Kamala Harris, who has been comparatively quiet on the industry.
Vice President Harris is friendlier toward cryptocurrency than her boss, President Joe Biden, but not as pro-industry as Trump, Galaxy Research said on Oct. 14.
Under Biden, the SEC has taken an aggressive regulatory stance toward crypto, bringing upward of 100 regulatory actions against industry companies.
In July, Trump promised to “fire” Gary Gensler, who currently heads the SEC, if he wins the election. 
Cryptocurrency funds accounted for 13 of the 25 largest ETF launches in 2024 by inflows through August, according to a post on the X platform by Nate Geraci, president of The ETF Store, an investment adviser.
Bitcoin has dominated the ETF landscape this year, accounting for six of the top 10 most successful launches in 2024, Geraci said in an X post.
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