Bloomberg’s senior ETF analyst Eric Balchunas believes that salt funds could emerge. However, much will depend on who wins the US presidential election.
Eric Balchunas Talks Solana ETFs
Bloomberg Senior ETF Analyst Eric Balchunas weighed in on whether there’s a chance of a solanine ETF emerging.
First, he indicated that the final deadline for approving cryptocurrency ETFs is mid-March 2025. So that will be after the presidential election. You will know then whether Joe Biden is still in the White House or Donald Trump is back.
Balchunas suggests that the election result will have a significant impact on the cryptocurrency market. In his opinion, if President Biden is re-elected, no more ETFs will be created. Conversely, if Trump wins, a solanine ETF will appear on the market. And maybe even more digital assets.
Currently, two issuers are trying to create SOL ETFs – VanEck and 21shares. Both companies have filed applications to create funds. 3iq Digital Asset Management has similar plans. However, it is about issuing ETF units in Canada.
Biden means continuation, Trump revolution?
But why are experts skeptical about Biden’s policy? The Democratic administration has taken a cautious approach to cryptocurrencies. Treasury Secretary Janet Yellen and SEC Chairman Gary Gensler have both expressed concerns about the industry. But they have done nothing to regulate it intelligently.
As if the above were not enough, Biden recently vetoed a congressional resolution that sought to repeal controversial SEC regulations on cryptocurrencies.
In contrast, former president and current presidential candidate Donald Trump has promised to become a “crypto president.” He wants to change the course of U.S. policy, free Ross Ulbricht, the founder of Silk Road, and support the mining industry.
But to be fair, I have to add that it was under Biden that the SEC approved applications for BTC funds in January. Ether ETFs were added in May, but they have not yet hit the stock exchanges.
