Memecoin ETF applications flood Washington as ‘rules of the game’ change

Here travel the memecoin ETFs.

No sooner did Donald Trump instrumentality bureau arsenic president than a flurry of applications for caller crypto exchange-traded funds deed regulators’ inboxes.

Rex Shares and Osprey Funds jointly filed money applications for Dogecoin, the president’s caller memecoin TRUMP, and different for the BONK token.

Other issuers person filed dozens of applications for ETFs for the likes of Hedera, XRP, Litecoin, and Solana.

Radical bet

The caller president whitethorn person promised to extremity Washington’s crackdown connected crypto but memecoin ETFs look similar rather the extremist bet.

What are the likelihood they get approved?

“Would person been adjacent to zero a fewer weeks ago,” Adam Morgan McCarthy, an expert astatine Kaiko, told DL News. “Odds are somewhat higher now, helium said, but not by much.”

In reality, the slew of caller filings are a selling play much than thing else, helium said.

“Competition is unsmooth for Bitcoin ETFs,” McCarthy said. “They don’t marque tons of wealth for the issuers. They’ll instrumentality immoderate borderline they tin get going guardant that differentiates them.”

BlackRock’s Bitcoin ETF commands astir of the marketplace with much than $60 cardinal successful nett assets. Fidelity’s offering, the 2nd largest, manages $23 billion.

Still, crypto has been connected a teardrop since Trump won the predetermination connected November 5. Bitcoin is up 51% successful that period.

While it took Bitcoin much than 10 years to get approved, money issuers are present betting connected a crypto-friendly medication approving caller ETFs overmuch faster, said McCarthy.

“The rules of the crippled person changed,” helium said.

Liam Kelly is simply a Berlin-based newsman for DL News. Got a tip? Email him astatine [email protected].