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US Elections Are Vital to Solana ETF Approval Decision

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The approval of Spot Ether exchange-traded fund (ETF) has opened up possibilities for other altcoin ETFs to see approval.

Notably, Solana, Dogecoin, XRP, and Chainlink are likely the next to be considered for possible Spot ETF products.

However, the possibility of another altcoin Spot ETF approval could depend on the United States’ political landscape.

Also, the upcoming 2024 US elections represent a critical moment for cryptocurrencies moving forward.

Impact of Future US Elections on SOLs Approval

Currently, speculations for Spot ETFs on Solana are rising, likely based on SOL’s recent performance in the past months.

Moreover, many people anticipate the advent of other Spot ETF products for various altcoins.

However, Co-founder and President of 21.co Ophelia Snyder stated that expectations for new altcoin ETFs should not be too high.

Remarkably, she noted that it’s not likely that the approval of Ethereum ETFs will create a large wave of approvals.

Despite her claims, the Ethereum ETFs have shown that large demand from institutional investors for new ETFs could make a difference.

So, this high demand could force ETF issuers to file applications for new altcoin ETFs with the relevant authorities.

Meanwhile, an April 2024 report by digital asset manager CoinShares reveals that hedge funds and wealth managers are accumulating Solana.

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However, the US Security and Exchange Commission (SEC) has yet to show any interest in approving other altcoin ETFs.

Notably, a combination of different factors could change the SEC’s stance on such approvals.

US Elections Could Trigger New Wave of Altcoin ETF Approvals

Currently, Spot Bitcoin and Ether ETFs exist in different regions worldwide.

However, US regulators are pretty restrictive in accepting innovations.

So, Snyder noted that foreign altcoin ETFs do not matter to the US SEC.

Meanwhile, Bloomberg ETF analyst Eric Balchunas noted that the SEC has a specific timeline for the approval of ETFs.

So, if it were to follow this timeline, it might take years for another ETF approval to be accepted by the authorities.

Currently, the US has no listed future altcoin ETFs. The situation hints at a possible delay in the approval of altcoin ETFs.

Nevertheless, the US elections on November 5 will be critical for the future of altcoin ETFs.

Notably, Donald Trump, a key presidential aspirant, has positioned himself as a pro-crypto candidate.

This is in reaction to President Joe Biden’s somewhat anti-crypto stance.

So, a pro-crypto candidate’s win will likely open the door for more altcoin ETFs.

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