Table content
## Trump Advocates for Ripple, Solana, and Cardano, Experts Predict Faster ETF Clearances
* Trump’s backing of alternative digital currencies could reshape the ETF clearance procedure.
* Doubters remain unconvinced, given the ambiguity surrounding the proposed strategic reserve.
* Dealers navigate an unstable market landscape.
Recently, ETFs focused on less conventional digital currencies have garnered substantial support from Donald Trump.
It’s important to note that the former president hasn’t issued any official mandates to greenlight requests for these types of funds.
However, by featuring Cardano, Ripple, and Solana in his suggested strategic reserve, Trump is indirectly promoting these digital currencies.
The rationale is that if these tokens are deemed suitable for backing by taxpayer funds as reserve holdings, then they should logically qualify to be incorporated into exchange-traded funds.
At least, that’s the dominant sentiment in the market.
Jonathan de Wet, Chief Investment Officer at cryptocurrency trading firm Zerocap, remarked to DL News: “Incorporating Ripple into the strategic reserve will aid in resolving certain key regulatory obstacles, thereby bolstering Ripple ETF applications.”
Critics argue that it’s not that straightforward.
Congress needs to assess and deliberate on it.
Simply because Trump is championing a Bitcoin and Ethereum-based crypto reserve strategy doesn’t guarantee its realization.
Luke Nolan, a research associate at crypto investment firm Coinshares, highlighted that Trump’s declaration lacked a concrete timeline for the fund’s establishment.
Nolan clarified to DL News: “We anticipate that relevant legislation may need to be approved by Congress, and in our view, the reserve is unlikely to be fully implemented as initially envisioned.”
Zach Burks, CEO of NFT marketplace Mintable, commented to DL News that Trump’s statements on social media “lack genuine content.” Toncoin (TON) Value Forecast for March 26th
Burks elaborated: “He mentioned these tokens because he understands that ADA and Ripple have no value to the United States and cannot be integrated into the strategic reserve system in any manner.”
The U.S. Stock market regulatory agency is contemplating authorizing certain novel Exchange Traded Funds that will concentrate on a handful of the more substantial substitute digital currencies available.
DL News accounted for a $4 billion financial fraud occurrence.
Osato Avan-Nomayo, our DeFi reporter in Nigeria, concentrates on headlines in the DeFi and technological field. If you possess any clues, please reach out to him at [email protected]. He is your main man in Nigeria for anything connected to decentralized finance and innovative technology!
