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The Official Trump cryptocurrency is surging Friday. The Trump-branded token was up 40.1% over the previous 24 hours of trading as of 2:05 p.m. ET. Meanwhile, Bitcoin and Ethereum were up 2.3% and 4.1%, respectively, over the same stretch.
Official Trump is seeing huge gains following news that the Securities and Exchange Commission (SEC) has accepted Grayscale’s application to form an exchange-traded fund (ETF) built around XRP. Investors are betting that policy changes at the SEC could open the door for catalysts that drive powerful rallies for altcoins.
While the SEC’s acknowledgment of the application doesn’t mean Grayscale will be able to move forward with an XRP ETF, it’s a notable development. The SEC has already granted approval for ETFs built around Bitcoin and Ethereum, but it’s previously declined to respond to other crypto-related applications.
If XRP were to receive ETF approval, it could signal a major sea change for altcoins and possibly even pave the way for meme coins, including Official Trump, to be included in ETFs. This could lead to synergistic tie-ins between Official Trump and Trump Media, another business venture connected to the president.
While Trump Media was founded as a company primarily focused on social media, the business recently launched a new financial services division. With the launch, the company said it was looking into launching its own ETFs through a partnership with Charles Schwab. Trump Media also recently said it had launched its own digital asset reserve.
Investors appear excited that Official Trump could eventually be included in ETFs. If so, this could broaden the token’s reach and encourage buying action that pushes its price higher. More broadly, investors are feeling optimistic about another sign that the new-Trump-era SEC will continue to take a more supportive stance on cryptocurrency investment.
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