Posted: November 12, 2024

• The growing interest in crypto ETFs includes potential filings for XRP, Solana, and Cardano.
• Regulatory shifts tied to the U.S. election could impact crypto ETF approvals.

Following the unprecedented success of spot Bitcoin [BTC] ETFs, the cryptocurrency ETF market was poised for further expansion.

Are other crypto ETFs incoming?

Industry experts, including Nate Geraci, president of The ETF Store, highlighted a growing momentum for new filings. This signaled possible entries of spot ETFs tied to popular assets like Ripple’s XRP, Solana [SOL], and Cardano [ADA].

Discussions have surfaced over the past month speculating that the U.S. presidential election could significantly impact the regulatory approach toward crypto ETFs, especially for assets such as XRP and SOL. Many industry observers believe that the election’s outcome may shape the Securities and Exchange Commission’s [SEC] stance on digital asset ETFs, potentially influencing approval rates and future guidelines.

Remarking on the same, in his recent post Geraci noted, 

“Prediction…There will be several 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.” 

Community reaction

This remark was met with positive reception from many. For instance, one X user commented,

“Would love to see some $ADA filings”

However, it didn’t go without sparking significant debate and some criticism within the crypto community. Many memecoin enthusiasts were surprised by the lack of any mention of Dogecoin [DOGE], a detail that raised eyebrows.

Expressing the same another X user said,  

“What about Doge ETF?” 

This could be attributed to the current market dynamics. The underwhelming performance of Ethereum [ETH] ETFs compared to Bitcoin’s might have delayed the spotlight on memecoin ETFs. However, Geraci wasn’t the only one addressing this development.

In an interview with Bloomberg TV in late October, Ripple CEO Brad Garlinghouse expressed optimism about the future of cryptocurrency ETFs, hinting at a more inclusive approach for various assets down the line.

He said,  

“It’s just inevitable. You’re going to see not just Bitcoin and ETH, you’re going to see an XRP ETF.”

Additionally, as of the 1st of November, Canary Capital’s recent S-1 filing with the SEC for a spot Solana ETF has already marked a bold step forward, highlighting increased momentum in the crypto ETF space.

Impact on token’s price action

Thus, with Donald Trump’s election win and the cryptocurrency market gaining traction, the unfolding developments promise to shape the next phase of digital assets.

As expected, this news has already sent positive ripples through the market, with Solana up by 5.12% over the past day and notable upticks in Cardano (2.02%) and XRP (0.44%). Dogecoin also surged over 20%, despite no direct mention in recent filings.