With the new crypto-friendly administration, could SOL, XRP, and DOGE be the next altcoins to have ETFs established in 2025?

Bloomberg analyst Eric Balchunas expects the market to see a series of altcoin ETFs approved, with these new funds launching in waves throughout 2025 rather than all at once

Optimism regarding the approval of crypto ETFs has surged following Donald Trump's victory in the November presidential election and the announcement of Gary Gensler's resignation as Chairman of the U.S. Securities and Exchange Commission (SEC).
Under Gensler's leadership, the SEC maintained a strict stance on digital assets and crypto-based financial products. Even as major financial institutions like BlackRock launched spot Bitcoin ETFs and attracted tens of billions of dollars in investment, Gensler remained firm in his views.
Many analysts believe that with Gensler stepping down and a new leader taking over the SEC, the likelihood of approving crypto ETFs will increase. Bloomberg analyst James Seyffart suggested that the combined Bitcoin and Ethereum ETFs from Hashdex, Franklin Templeton, and Bitwise could be among the first to receive approval.
Meanwhile, altcoin ETFs such as those for SOL and XRP may have to wait until the new SEC administration takes over before they are seriously considere

Besides BTC, ETH, SOL, and XRP, James Seyffart also believes that LTC and HBAR could be approved sooner. The reason is that the SEC has never classified LTC and HBAR as securities, which could help them avoid facing strict legal hurdles.
However, Seyffart also acknowledged that he is uncertain whether investor demand for these ETFs would be strong enough to drive their launch.

Earlier, Nate Geraci, President of ETF Store, stated that it is highly likely that Solana ETFs will be approved by the end of next year. This indicates that the market continues to closely monitor the SEC's policy developments and the potential changes under the new leadership.

Eric Balchunas previously shared: 'What may seem like a joke today could become tomorrow's ETF.'
Eric is implying that even assets like Dogecoin (DOGE), which were once considered a joke, could become part of an official ETF. He believes that in the current market environment, any asset with sufficient investor demand has the potential to become an ETF.

i think someone will try to file for a DOGE ETF. If you think that’s far-fetched, I don’t see it that way.
--- Balchunas stated ---

Since their approval in January 2024, the Net Asset Value (NAV) of the spot Bitcoin ETFs has reached approximately $1.373 billion, with total net inflows into the funds now at $35.962 billion. The market capitalization has reached $120 billion, with total assets under management of 1,135,284 BTC.
The Ethereum ETFs currently manage assets of around $10 billion, with total trading volume reaching $670 million.
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Encouraging developments regarding the establishment of Bitcoin reserves in the U.S. have been steadily emerging, fueled by Trump's recent achievements on the political stage

On the morning of December 18, Republican House Representative Derek Merrin from Ohio proposed the establishment of a Bitcoin reserve fund as part of the state’s financial strategy. This move positions Ohio as the third state in the U.S., following Texas and Pennsylvania, to introduce a similar initiative within just over a month

The bill, titled the 'Ohio Bitcoin Reserve Act' (HB 703), would authorize the State Treasurer to purchase Bitcoin as part of a 'prudent asset allocation strategy.'
Representative Derek Merrin explained that the rapidly declining value of the U.S. dollar necessitates investment in Bitcoin to safeguard the state's tax revenue. According to him, Ohio must embrace modern technology and seize the opportunities presented by Bitcoin to protect its assets.
He further emphasized that Bitcoin represents 'digital property ownership' for its holders and highlighted that Bitcoin will revolutionize finance and reshape global economies. Merrin also noted that the proposed legislation would establish a legal framework for Ohio to harness the potential of Bitcoin to strengthen the state’s financial position

Introduced with only two weeks remaining before the 135th Ohio General Assembly concludes on December 31, the bill is unlikely to pass in time.
It is expected to be reintroduced during the 136th General Assembly, which begins on January 6, 2025. Merrin expressed his hope that the bill would pave the way for lawmakers to expedite the approval of Bitcoin reserves in the coming year.
Derek Merrin has long identified himself as a crypto-friendly advocate and has received the highest 'A' rating from Stand With Crypto*, the lobbying organization associated with Coinbase. Earlier, on August 5, Merrin shared on LinkedIn the need for a '21st-century legal framework' to protect the rights to own, trade, and conduct commerce with digital assets.
*An 'A' rating signifies that Merrin is a highly supportive legislator of crypto, particularly regarding ownership, trading, and investment in digital assets like Bitcoin. This rating system is commonly used by lobbying groups to classify politicians based on their level of support for specific bills or policies

Ohio is not the only state making such moves. On December 12, Texas Representative Giovanni Capriglione introduced the 'Texas Strategic Bitcoin Reserve Act,' allowing the state's Comptroller to hold Bitcoin as a reserve asset for a minimum of five years.
Similarly, on November 12, Pennsylvania Representative Mike Cabell proposed a bill permitting the state treasury to hold up to 10% of its assets in Bitcoin. Cabell argued that Bitcoin could serve as a hedge to provide stability during times of economic uncertainty.
Notably, all these legislative efforts have emerged following Donald Trump's victory in the November presidential election. Trump himself had previously floated the idea of establishing a federal Bitcoin reserve fund. The introduction of these bills may signal growing interest among lawmakers in Bitcoin as a safeguard asset amid economic volatility and fluctuations in the U.S. dollar
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Donald Trump won the election, Bitcoin is literally worth over $107,000 right now, and Wall Street’s now drooling over crypto like it’s the new gold rush. Sounds perfect, right? Except it actually isn’t.

Thanks to Trump, crypto is sinking its claws deep into everything. Wall Street, banks, pensions, 401(k)s—places it never belonged. That’s great for investors I guess, but if you ask me and any other true Bitcoin believer, there’s a dark reality behind the hype.
It is an unwritten law of the world that whatever goes up must eventually come down. So no matter how high Bitcoin goes, it will crash in the end. And the scary part is when it does, it’ll be the worst we’ve ever seen. Naturally, since the market has never reached current levels.
The higher the stakes, the worse the crash. Just ask Wall Street bros. For years, crypto’s appeal was its independence from the system. Now, the system is embracing it. We’re not the rebels anymore, we’re the establishment.
At the July Bitcoin Conference, Trump threw out an idea that stunned everyone—a “strategic national Bitcoin stockpile.” Analysts are taking this seriously. Under Trump, the U.S. could actually start hoarding Bitcoin like it’s gold. If that sounds insane, it gets wilder. This guy wants $15 trillion in Bitcoin reserves.
Even before his election win, the floodgates were opening. BlackRock and other financial giants launched Bitcoin ETFs, giving ordinary investors access to Bitcoin through their brokerage accounts. Crypto is breaking into mainstream finance at full speed but with zero brakes.
Trump’s crypto army is dismantling the rules – There will be costs
After the last crash in 2022 when Bitcoin fell apart and billions evaporated, the industry didn’t actually stop. There was no new “killer app” or game-changing technology to win back trust. Instead, they played politics.
Over $130 million poured into political campaigns during this year’s election cycle. The crypto industry sold lawmakers on a story: ignore us at your own risk because “crypto voters” are coming for you. The pitch was brilliant, even if the “crypto voter” narrative was stitched together out of thin air.
Trump ran with it. His administration is already lining up crypto loyalists for key regulatory roles. Paul Atkins, a longtime critic of financial oversight and a strong crypto lover, is Trump’s pick to lead the SEC. 
Under him, the crypto industry will face less scrutiny, not more. If you think fraud was bad in 2022, just wait. Though Trump’s playbook doesn’t stop at gutting the SEC. As we speak, Congress is working to move crypto oversight to the Commodity Futures Trading Commission (CFTC).
Compared to the SEC, the CFTC is frankly quite underfunded and far less experienced with crypto’s retail-heavy markets. The result? A regulatory free-for-all, exactly what the industry wants.
The CFPB is next. The Consumer Financial Protection Bureau was created after the 2008 crash to protect consumers from predatory financial practices. Crypto’s biggest names hate it. Marc Andreessen slammed the agency, calling it a roadblock for crypto firms.
Elon Musk doubled down, telling the government to “delete CFPB.” To be fair, these guys have a point.  If Trump and Congress gut the CFPB, it’s open season for crypto platforms, fintech startups, and shady payment systems.
Tens of thousands of people were left stranded when Synapse, a fintech company backed by Marc, collapsed earlier this year. That kind of chaos would only get worse without consumer protections.
Banks and pensions are playing with fire
The last time crypto imploded, banks were relatively safe. Pension funds and 401(k)s barely felt a thing. Regulators made sure of that. The 2022 crash was brutal for retail investors, but hey, at least it didn’t trigger a financial meltdown. That firewall is now crumbling.
The SEC’s approval of Bitcoin and Ether ETFs opened the door. Banks and traditional investment firms are stepping in, eager to capitalize on crypto’s new wave. Now retirement administrators are adding Bitcoin exposure to 401(k) plans. The industry is even fighting to hold crypto directly on their balance sheets.
It’s not hard to see where this is heading. Crypto firms have already fought to kill protections like SEC Staff Accounting Bulletin 121. The rule forced banks to disclose crypto holdings and keep reserves to back customer assets.
Lawmakers passed a bill in early 2024 to overturn it, but Biden vetoed the attempt. Trump won’t. Under his leadership, those protections will vanish, leaving banks fully exposed.
But the president’s plans aren’t just about deregulation. His World Liberty Financial project—a decentralized finance (DeFi) platform—is already spending millions on crypto acquisitions. Reports say the project burned through $45 million in December alone.
The real endgame
FTX founder Sam Bankman-Fried spent over $100 million buying political influence. He pitched lawmakers a vision of a regulated crypto future, where firms could “self-regulate” and innovation would flourish. It was a scam. FTX blew up, and billions of dollars disappeared overnight.
The crypto industry hasn’t changed. It’s still lobbying hard against regulations. It’s still pushing lawmakers to look the other way. And now it has Trump in its corner.
I’d feel safer if I actually trusted that these guys truly believe in Bitcoin. But I don’t, because, at the end of the day, politics really is just politics. If Bitcoin wasn’t going to make Trump richer in any way at all, how many of you can say for a fact that you believe he’d still be all in?
Let’s not be delusional. Every bull run ends in collapse. And every collapse leaves devastation in its wake. The difference now is Bitcoin has grown too big to fail.
A crypto crash under Trump wouldn’t just hurt retail investors and break my heart. It would hit the banking system, pension funds, and the entire global economy. So as we watch Mr. Trump recite the oath of office, beware that a countdown will be starting.
How long do we have until the next ‘crypto winter’ ?
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