Could Crypto ETFs Surpass BTC and ETH During the Kamala Harris Era?

Recently, some companies have been trying to gain approval to create U.S. exchange-traded funds (ETFs) that track cryptocurrencies beyond the already approved bitcoin (BTC) and ether (ETH) products. However, according to two ETF experts, these applications will probably come to nothing if Democratic Party presidential candidate Kamala Harris wins the November election.

The approval of spot bitcoin and ether ETFs earlier this year was seen as a major victory for the industry, which has struggled for years to introduce such funds. Grayscale, an issuer, sued to overcome the U.S. Securities and Exchange Commission (SEC) rejection and won. The new ETFs have attracted billions of dollars in investments.

Since then, issuers have attempted to launch different crypto ETFs. Currently, a decision on a funding application tracking Ripple’s XRP token and Solana blockchain’s native cryptocurrency, SOL, is expected to be announced.

“No matter who the issuer is, they are impossible to get approved if Harris wins,” according to Eric Balchunas, senior ETF analyst at Bloomberg Intelligence.

Some industry experts thought the SEC’s chances of approving the products had increased significantly as asset management giant BlackRock joined the race to list bitcoin and ether ETFs.

Balchunas believes separate crypto ETFs have a better chance if former President Donald Trump wins, regardless of whether BlackRock joins Bitwise, VanEck and others in calling for expanding crypto ETFs beyond bitcoin and ether.

ETF Store president Nate Geraci agrees, saying: “It seems unlikely that the Harris administration will approve additional spot crypto ETFs, at least not immediately after the election.”

According to Geraci, considering the current President Joe Biden administration’s approach to crypto and considering Harris’ strong position in this administration, the current situation is likely to continue under Harris’ leadership.

Bets on crypto prediction market Polymarket price the odds of Trump winning the election at 62.4%.

The former president continues to receive support from the crypto community with his positive approach to the industry in recent months.

On the other hand, Harris, who chose silence in her views against the industry, stated that they are planning a legal framework for black men, who she sees as more likely to own crypto, but the details are still unclear.