Sources Confirm That DOGE & LTC Might Be The First Crypto Assets to Be Backed By SEC.

The newly re-elected POTUS, Donald Trump, came to power with tall promises regarding crypto. Unlike Biden, President Trump has assured that he will stop the war on crypto and would fuel projects that ensure the sector’s development. As a result, he has appointed a new SEC head, Mark T. Uyeda, in an attempt to overhaul the organization and its outlook towards crypto. As a result, the likelihood of a dedicated altcoin exchange traded funds or ETFs backed by the US government is closer than we thought. 

If this happens, the overall interest in cryptos will grow drastically. Analysts at CCN believe that coins like XERP ETFs, SOL, Dogecoin and Litecoin could ignite market interest. Out of all the names LTC or Litecoins show the most traction at 90%. This positive impact on altcoin market is due to Trump’s all-new pro-crypto stance. Bloomberg ETF experts believe that this pro-crypto stance will bring major regulatory changes and could pave the way for inclusion of more altcoins in the future.  

Rising Altcoins ETFs: LTC & DOGE 

Bloomberg ETF analysts have noticed that the altcoin market is already on an upward momentum. However, LTC and DOGE are leading the pack. In other words, Bloomberg analysts believe that DOGE and LTC are most likely to get SEC approval in near future. These odds are purely based on market analysis, regulatory filings and overall market maturity.  

As of writing this piece, SEC has only approved 19-4 filing for two currencies: Solana and Litecoins. However, the fates of XRP and DOGE are still hanging in balance. The approval could mean a lot as it can open the doors for altcoins and bring major changes in their ETF listing norms.  

Analysts claim that LTC has the highest probability of getting the SEC approval first due to its Proof of Work (PoW) mining model which is closed to BTC, an already approved spot ETF by the US government. Subsequently, DOGE has also overhauled itself as a stable investment model, even though it started as a memecoin. As a result, this aligns with what the US government is looking for in a coin. 

Therefore, it is highly likely that the approval spree might start with these two coins and would slowly get to other parts of the crypto biome as well. Follow for more crypto news.