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The United States is about to witness a crucial presidential election this November. This time, the contest is so close that it is hard to predict whether Republican candidate Donald Trump or Democratic candidate Kamala Harris will emerge victorious. Interestingly, a recent report indicates that a section of the cryptocurrency community wants to see Donald Trump’s victory. Why?
Read on to know more!
Crypto Faces a Tough Time
Even though it was under the leadership of Gary Gensler that the US SEC approved the first Bitcoin Spot ETFs and Ethereum Spot ETFs, it was not easy for the companies involved to secure the approval, as they had to overcome several regulatory obstacles. The US SEC has been tough not only on the cryptocurrency ETF sector but also on top crypto exchanges like Binance and Coinbase, which have entered into legal battles with the regulator to secure their rights.
Do we need any more evidence to assume that the present US SEC administration has given a tough time to the entire cryptocurrency industry, especially the crypto spot ETF sector?
Trump: The Crypto Saviour?
Many analysts think that the victory of Donald Trump in the US presidential election is the simplest solution to the present crisis in the cryptocurrency world. Notably, among those who consider Trump as the solution is Eric Balchunas, an acclaimed crypto analyst. Like most analysts, Balchunas also believes that once Trump wins the 2024 election, he will replace Gensler with someone more supportive of the cryptocurrency industry.
Clearly, not many expect a major reversal in the attitude of the US SEC towards certain sensitive crypto-related matters, such as the approval of new crypto spot ETFs. What prompts some analysts to take a strong stand against the victory of Kamala Harris is the fear that Gensler may continue as the SEC chain under her administration.
Youve heard of the Fed Put. This is like the Trump Call.. filings for XRP or Solana or any other alt coins are basically like a cheap call option on a Trump win as Genz will be gone and anythings poss. Harris wins no way these get approved, and the call expires worthless. https://t.co/mkpCbqEuQ4
— Eric Balchunas (@EricBalchunas) October 1, 2024
XRP and Solana ETFs to Launch Soon?
There have been reports that Bitwise is preparing to launch an XRP ETF soon. The recent registration of a trust in Delaware by the company is considered by many as an initial step towards the XRP ETF move.
Earlier this year, a court ruling classified XRP’s secondary sales as non-securities, and the SEC has yet to appeal this decision. However, with the regulator having until October 7, 2024, to file a challenge, uncertainty looms over whether the SEC will take action.
Solana Under Fire Too!
The situation is similar for Solana, which has yet to receive SEC approval for its ETFs. The prevailing sentiment among crypto enthusiasts is fueled by the fact that few global jurisdictions maintain such stringent regulatory standards. For instance, Brazil recently approved two spot Solana ETFs, highlighting its regulators’ openness to new financial innovations.
In conclusion, the outcome of the U.S. election will undoubtedly play a critical role in shaping the future of the cryptocurrency sector, especially regarding its ETF segment.
What do you think? Will a Trump presidency usher in a new era for crypto regulations, or will the SEC’s grip tighten? Share your thoughts!
