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We previously noted that applications for new altcoin ETFs would accelerate following Trump’s victory, and this is indeed occurring. We have already witnessed ETF applications related to assets like XRP, SOL, and AVAX this year. However, companies are taking further action to file additional applications, and if this trend continues, the U.S. stock markets could become the largest cryptocurrency exchange globally.
Details of the HBAR ETF Application
According to a recent filing, Canary Capital Group has submitted an ETF application for Hedera’s native cryptocurrency. This application for HBAR is notable not only for being the first of its kind but also for indicating that we may see applications for a wider variety of altcoins in the future.
Potential Impact of Leadership Changes at the SEC
The chair of the SEC is set to change, with Trump mentioning that the new chair will be crypto-friendly. Will this facilitate easier approvals for future ETF applications? Companies like Canary likely think so and are filing quickly to seize early listing advantages, which could lead to a surge in ETF applications before the end of the month.
Following the filing, HBAR Coin experienced an increase of about 10%, placing it among the assets likely to see sudden surges with the expected change in SEC leadership. Other altcoins, including XRP, SOL, and AVAX, are also in the process of filing applications.
