ETFs Beyond Bitcoin and Ethereum Are Unlikely to Seen Under Harris
The chances of ETFs beyond Bitcoin and Ethereum under Kamala Harris are slim.
Several firms have filed for approval of ETFs that track smaller cryptocurrencies like XRP (Ripple) or SOL (Solana). However, some experts believe that if Kamala Harris wins the presidential election in November, these applications may not be approved.
The green light from the US Securities and Exchange Commission (SEC) for Bitcoin ETFs and Ethereum ETFs was previously seen as a major victory for the crypto industry. After years of legal battles, such as Grayscale’s battle with the SEC, the funds were finally created.
Some experts also believe that the entry of asset management giants like BlackRock into the ETF race has increased the likelihood of the SEC approving such products. Still, it's unclear how much influence BlackRock will have on the SEC's decision.
However, if the Harris administration is in place, experts predict that ETFs that track other coins will have a hard time getting off the ground, regardless of who issues them.
If Donald Trump is re-elected, Bloomberg ETF expert Eric Balchunas believes the chances of crypto ETFs being approved will be higher, regardless of whether BlackRock is involved. Nate Geraci, president of the ETF Store, agrees, stressing that the Harris administration will not approve new crypto ETFs, at least in the short term after the election.
Geraci believes that the current Joe Biden administration has taken a "confrontational" approach to crypto, and that this will not change if Harris continues to lead.
Trump's odds of winning have increased to 62.4% on the Polymarket betting market. Trump has won the support of the crypto community through his strong statements and actions in support of the industry, such as attending a Bitcoin conference, launching a DeFi platform, and even using Bitcoin to buy a hamburger in New York.
On the other hand, Ms. Harris has remained relatively quiet when it comes to crypto, only recently announcing plans to create a regulatory framework for the sector, specifically aimed at protecting men of color, a group that tends to own more crypto. However, the details of her support for the crypto sector are still unclear.
