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The 2024 US elections continue to approach. This process continues to closely involve cryptocurrencies. After the spot BTC ETF approved at the beginning of the year and the Ethereum ETF approved last month, expectations for exchange-traded funds (ETFs) for altcoins, led by Solana, continue, and this situation could be brought to an important point depending on how the political process progresses. The Securities and Exchange Commission (SEC) issued the first approval for the listing of spot Ethereum ETFs on May 23, and it was commented that this opened the way for altcoins.
Will a Solana ETF Arrive?
While rumors continue about which altcoin might receive the next approval after the Ethereum ETF, Solana’s name has started to be mentioned more frequently. Speculations about the next potential crypto ETF have already begun.
Cathie Wood, CEO and CIO of ARK Invest, a well-known figure in the market, mentioned the potential pressure from large financial companies and asset funds for new ETFs and pointed to Solana as the next potential option.
Recently, Franklin Templeton, which manages approximately $1.64 trillion, emphasized Solana’s growth and caused rumors about a potential launch.
Franklin Templeton made the following statement:
We see Solana as a strong use case for decentralized blockchains that reduce information asymmetry, with Anatoly’s vision of a single atomic state machine. And we were impressed by all the activities seen in Solana in Q4 2023: DePIN, DeFi, Meme Coins, NFTs, Firedancer.
On the other hand, CoinShares also drew attention to Solana. It was noted that there has been an increase in investments in Solana among hedge funds and asset managers recently.
Donald Trump and ETFs
A rumor in the market emerged following Donald Trump’s statements on cryptocurrencies. Bloomberg ETF analyst Eric Balchunas, who has been frequently mentioned recently, emphasized that a potential Donald Trump outcome in the election could create a more positive outlook for altcoin ETFs.
Looking at Trump’s recent statements, it was commented that he might potentially appoint a new SEC chairman who could adopt a more constructive approach towards cryptocurrencies.
Considering all these situations, if Trump possibly wins the 2024 US presidential elections, it could pave the way for ETF providers to make new applications to the SEC and, as Wood mentioned, open the way for various cryptocurrencies like Solana to participate in the ETF process.
Balchunas made the following statement:
If Trump wins, I think we could see other coins as ETFs.
