Eric Balchunas mentioned SOL and XRP ETFs will materialize if Donald Trump wins the November US presidential elections.
Bloomberg Intelligence analyst Eric Balchunas spoke at the Plan B forum recently and called SOL and XRP exchange-traded fund (ETF) filings in the US “call options on a Trump victory” in November’s US Presidential election. He mentioned Trump’s victory in the election would result in him placing a “libertarian” chair for the US Securities and Exchange Commission (SEC).
“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 at the conference that took place in Lugano, Switzerland, on October 25.
Issuers and Exchanges Have Requested for XRP and SOL Funds to be Approved
As Bitcoin and Ethereum ETFs got approved earlier this year, issuers have been pushing for the same with other assets. Even national exchanges have been getting into the mix, with the CBOE asking the SEC to list VanEck’s and 21Shares’ proposed SOL ETFs in July.
BTC ETF issuers Bitwise and Canary Capital asked the SEC to approve XRP ETFs in October. The latter also filed to list a Litecoin (LTC) ETF with the agency in the same month. A lot of crypto enthusiasts believe these could come to fruition if Trump wins the election.
The Republican nominee, Donald Trump faces off against the Democrat nominee Kamala Harris on November 5, less than ten days away. Trump has spoken about making the US a hub for crypto by promising policies in favor of the industry’s development and innovation. Harris, on the other hand, remained hush about crypto until recently but has not made a strong stance like her competitor has.
While we may not know how Harris treats the crypto industry if and until she becomes president, the incumbent president Joe Biden and his administration have been harsh. The SEC has brought over 100 enforcement actions against crypto firms in his presidency, with Gary Gensler setting the climate for the regulatory agency to do so through his reign as the SEC chair. Trump has previously promised to fire Gensler due to his unjust treatment of the industry and its firms.
Still, crypto ETFs have passed with flying colors this past year as 13 out of the 25 largest ETFs launched in 2024 by inflows through August are crypto-associated. BTC ETFs have taken the lead this year as six of these funds find their way to the top 10 most successful ETF launches this year.
