Trump's SEC Appoints Crypto-Friendly Head, Boosting Altcoin ETF Hopes

The crypto world is abuzz with speculation that Dogecoin (DOGE) and Litecoin (LTC) might be the first cryptocurrencies to receive backing from the U.S. Securities and Exchange Commission (SEC). This news comes on the heels of President Donald Trump's re-election and his pledge to support the crypto sector's development.

Trump's pro-crypto stance has led to the appointment of Mark T. Uyeda as the new SEC head, signaling a potential shift in the organization's outlook towards cryptocurrencies. This move could pave the way for the creation of dedicated altcoin exchange-traded funds (ETFs) backed by the U.S. government, which would significantly boost interest in the crypto market.

Analysts at CCN believe that coins like XRP, SOL, Dogecoin, and Litecoin could ignite market interest if they receive SEC approval. Among these, Litecoin shows the most traction, with a 90% likelihood of approval. Bloomberg ETF experts agree that Trump's pro-crypto stance could bring major regulatory changes and pave the way for the inclusion of more altcoins in the future.

Currently, the altcoin market is already on an upward trajectory, with Litecoin (LTC) and Dogecoin (DOGE) leading the pack. Bloomberg ETF analysts believe that these two coins are most likely to receive SEC approval in the near future, based on market analysis, regulatory filings, and overall market maturity.

As of now, the SEC has only approved the 19-4 filing for two currencies: Solana and Litecoin. The fate of XRP and Dogecoin remains uncertain. However, the approval of these two coins could open the doors for other altcoins and bring significant changes to their ETF listing norms.

Analysts claim that Litecoin has the highest probability of receiving SEC approval first due to its Proof of Work (PoW) mining model, which is similar to Bitcoin (BTC), an already approved spot ETF by the US government. Dogecoin, which started as a memecoin, has also transformed itself into a stable investment model, aligning with what the US government is looking for in a coin.

If the approval spree begins with these two coins, it could set the stage for other cryptocurrencies to follow suit, leading to further growth and development