The approval of spot Ether ETFs has opened Pandora’s box for another altcoin ETF. Solana, XRP, Chainlink or Dogecoin could be next, but is the crypto market overly optimistic?
An altcoin ETF may be even more difficult for the SEC to accept; however, a number of different factors could change that.Spot Bitcoin, Ether and altcoin ETFs exist worldwide. However, U.S. regulators are more restrictive. Snyder remarked that foreign altcoin ETFs do not matter to the SEC, as “U.S. regulators have a tendency not to rely on foreign regulators.”
The approaching U.S. elections on Nov. 5, 2024, could be critical for the future of altcoin ETFs, with U.S. crypto regulation becoming a political topic.“If Trump wins, we could see other coins as ETFs, in my opinion.” The prospects of an altcoin ETF in the U.S. seem highly correlated to the results of the approaching presidential election, and the possibility of an altcoin ETF in 2024 is slim, as the elected president would take office in January 2025.
For example, he said that a couple of active ETFs have GameStop as their biggest holding and that, although there has certainly been GameStop stock price manipulation, the ETFs are still active.Another issue is that altcoin markets lack liquidity due to their lower volume than Bitcoin or Ether. In the case of altcoins with smaller markets, lower liquidity metrics could be insufficient for a unique ETF. Therefore, a basket of altcoins could be an option.
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