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The Bitcoin and altcoin markets saw significant movement yesterday as tensions between Israel and Iran led to a drop in BTC and altcoin prices. However, positive news from Bitwise had a favorable effect on XRP.
Following the news, a Bitwise spokesperson confirmed the legitimacy of the XRP ETF filing, stating that Bitwise had registered a Delaware trust for the XRP ETF.
Could Trump’s Win Change the Fate of XRP and Solana ETFs?
As rumors surrounding the XRP ETF resurfaced, Bloomberg ETF analyst Eric Balchunas suggested that a victory for Donald Trump in the upcoming U.S. presidential election could change the fate of XRP and Solana ETFs.
Balchunas noted that under the current administration led by SEC Chairman Gary Gensler, it would be difficult for new crypto ETFs like SOL and XRP to gain approval. He suggested that for these ETFs to have a chance, Trump would need to win the election.
Balchunas explained that Trump’s victory could result in Gensler’s departure, potentially leading to more lenient regulations that would allow the approval of Solana and XRP ETFs.
Potential Regulatory Changes for XRP and SOL ETFs
According to Balchunas, a Trump victory could increase the likelihood of approval for XRP and SOL ETFs. This is a significant development as Nate Geraci, president of The ETF Store, also commented that under the current administration, the chance of a Solana ETF being approved in the next one to two years remains slim.
While Solana ETFs face delays in the U.S., Brazil has already approved two spot Solana ETFs, highlighting the disparity in regulatory environments.
