Crypto Prices Soar on Trump Re-Election, Spot XRP, Solana ETF Hopes Rekindled

Since Trump's re-election, Bitcoin and other altcoins have surged on expectations of less strict cryptocurrency regulations during his administration.

Bitcoin and other altcoins, such as XRP or even ADA, have seen a surge in price since Trump’s re-election, fueled by expectations of less stringent cryptocurrency regulations during his administration. Several new ETF filings, including XRP and Solana, are anticipated during November.

Many investors are optimistic that his favorable stance on cryptocurrencies will translate into more relaxed policies, potentially paving the way for more spot altcoin ETFs beyond Bitcoin and Ethereum. However, several issuers have been delaying until after the election, believing that many could see their ETFs pass under a Trump administration.

With discussions centering on the possible departure of SEC Chair Gary Gensler and an incoming crypto-friendly successor, the timing is optimal for such filings to take center stage.

Crypto Prices Soars on Trump Re-Election, Spot XRP, Solana ETF Hopes Rekindled

Bitcoin and other altcoins have surged since Trump’s re-election on expectations of less strict cryptocurrency regulations during his administration.

Now, ETF Institute CEO Nate Geraci expects a slew of new applications for spot cryptocurrency ETFs to be filed this week. While the SEC has approved several spot Bitcoin and Ethereum ETFs this year, it has rejected most of the rest. But with hopes rising again following Trump’s victory, applications for spot ETFs on XRP, Solana, Cardano, and other altcoins may also be filed this week, Geraci said.

Multiple spot crypto ETF filings this week.

XRP, SOL, ADA, etc.

Assume multiple issuers were highly prepared for election results.

No downside to getting aggressive now.

— Nate Geraci (@NateGeraci) November 11, 2024

Geraci added that several issuers appeared to be waiting on the US election results and are now prepared to proceed, believing that the Trump administration will facilitate ETF approvals. Although the SEC already has applications for Solana and XRP under review, experts believe that Trump’s election victory increases the likelihood of approval for the SOL and other altcoin ETFs.

As rumors swirl about the imminent departure of US Securities and Exchange Commission Chair Gary Gensler, names like Dan Gallagher, chief legal officer at Robinhood, among others, have surfaced as the top choices to succeed Gensler when he leaves office.

During his tenure at the commission, the SEC approved several Bitcoin ETFs. Gensler cast the deciding vote on the repeated filings despite massive outcries from the crypto community. Commissioners Jaime Lizárraga and Caroline Crenshaw had initially moved to block the Bitcoin ETF approvals.

However, Gensler consistently voted alongside commissioners Mark Uyeda and Hester Peirce, both Republicans, to approve the ETF. He pulled off a surprise move in May when he approved multiple spot Ethereum ETFs that began trading in July.

XRP ETF Filings Surge After Trump Win, XRP Price Skyrockets

The above is the detailed content of Crypto Prices Soar on Trump Re-Election, Spot XRP, Solana ETF Hopes Rekindled. For more information, please follow other related articles on the PHP Chinese website!