With the passage of the 21st Century Financial Innovation and Technology Act (FIT21) and the SEC's approval of spot Ether, speculation in the crypto market is increasing. However, the crypto market shouldn't be overly optimistic. FIT21 hasn't yet seen a corresponding bill in the Senate, so it won't become law anytime soon. SEC Chairman Gary Gensler, in approving spot Ether, noted that it still needs some time to be implemented, but this has sparked speculation about a Solana ETF.
Presidential Candidates' Attitudes Toward Cryptocurrency
As the U.S. election approaches, it's not just Trump who has incorporated cryptocurrency into his campaign; presidential candidate Robert F. Kennedy Jr. (the nephew of former President John F. Kennedy) is also a crypto advocate. Even Biden has shown a softened stance on cryptocurrency (interestingly, Biden's latest post on X hinted at cryptocurrency, causing public dissatisfaction). This indicates that the influence of the crypto market on the U.S. election is gradually increasing.
Trump May Be the Key to Early Approval of Solana ETF and Other Altcoin ETFs
Unlike Biden's changing stance on cryptocurrency, Trump, having issued several NFT series, stands out as a rare high-profile politician with a consistent and strong support for cryptocurrency. If Trump wins the U.S. election, it could accelerate the approval of the Solana ETF and other altcoin ETFs. If Biden is re-elected, the approval of these altcoin ETFs may continue to be delayed.
Rumors suggest that investment management firm BlackRock has started applying for a Solana ETF. Regardless of the truth of this event, it shows the high level of investor interest in the Solana ETF. From the SEC's approval of spot Ether, we can infer certain hidden information: ETH and similar tokens are no longer considered securities by the SEC. Therefore, ETFs with similar structures would also be hard to classify as securities, making the approval of Solana ETF and other altcoin ETFs a matter of time.
The U.S. Election as a Turning Point for Cryptocurrency Development
From the current presidential candidates' attitudes toward cryptocurrency, it is evident that the number of crypto voters is already substantial. The liberalization of cryptocurrency is only a matter of time. Whether the candidates' support for cryptocurrency is to win votes or genuine support, it marks an important stage in the development of the crypto industry.
The U.S. election could be a significant turning point for the development of cryptocurrency. Ultimately, the attitudes of presidential candidates are a political maneuver. The subsequent changes in legislation, administration, and regulation are more critical. If Trump, a fervent supporter of cryptocurrency, is elected, it will undoubtedly promote subsequent legislative, administrative, and regulatory changes, which is crucial for the approval of leading altcoins like the Solana ETF. Conversely, if Biden is re-elected, his latest comments endorsing hard work over crypto investment suggest that the development of cryptocurrency will face continued obstacles.
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