Bloomberg analyst Eric Balchunas noted that Donald Trump’s potential victory in the upcoming U.S. presidential election could influence the future of XRP and Solana 
$216 ETFs. He emphasized the significant role that political dynamics play in shaping the regulatory environment for cryptocurrencies.
Trump’s Victory and SEC Leadership
Balchunas pointed out that SEC Chairman Gary Gensler’s strict stance on the cryptocurrency market complicates the approval of new ETFs. Gensler’s current approach has also affected major players like Binance and Coinbase.
In his comments, Balchunas stated, “Applications for cryptocurrencies like XRP or Solana are essentially a cheap bet on Trump’s victory. If Gensler were removed and regulations softened, the chances of these funds getting approved would increase.”
Bitwise Takes Steps for XRP ETF
Bitwise made a significant move by establishing a trust for its XRP ETF in Delaware. This development follows applications from other large investment firms like BlackRock and Fidelity for Bitcoin 
$104,045 and Ethereum 
$3,868 ETFs. However, the likelihood of the SEC approving these funds remains uncertain.
The Solana ETF also faces challenges under the current SEC leadership. Nate Geraci highlighted the low chances of the Solana ETF being approved in the current administration. Nevertheless, two spot Solana ETFs have been approved in Brazil, indicating a different regulatory approach. Geraci remarked, “If Trump wins, SEC leadership may change, leading to more flexible cryptocurrency regulations.”
Balchunas predicts that if Kamala Harris is elected, the existing regulations will likely remain unchanged, keeping the chances of XRP and Solana ETFs low. However, Harris’s commitment to maintaining U.S. leadership in blockchain and artificial intelligence could offer some hope for ETF approvals.
Finally, it was noted that Anthony Scaramucci is working with Vice President Harris to develop cryptocurrency policies, supporting calls from a group of DeFi leaders to organize a crypto tour.
In light of these developments, the outcomes of the U.S. presidential elections are poised to play a crucial role in determining the future of XRP and Solana ETFs, as the regulatory landscape for cryptocurrencies remains closely tied to political dynamics.
