- The SEC’s new chair, Paul Atkins, was sworn in yesterday.
- Two applications for Cardano ETFs await approval.
- The ADA token was one selected by President Trump for inclusion in his strategic reserve.
The chances on Cardano’s token, ADA, winning approval for its spot exchange-traded fund rose sharply on Polymarket Tuesday morning, to 63%.
That’s from a Monday low of 56%. The betting pool reached all-time low of 18% on January 16.
Several factors could be driving the move.
As of now, 72 applications for crypto-related ETFs await SEC approval, according to Bloomberg Intelligence analysts James Seyffart and Eric Balchunas.
Of those, only two — Greyscale Cardano Trust and Tuttle Capital 2X Cardano — would deal with ADA specifically. Index funds, which hold a basket of different assets, could also include the token if they are approved.
“Having your coin get ETF-ised is like being in a band and getting your songs added to all the music streaming services. Doesn’t guarantee listens but it puts your music where the vast majority of the listeners are,” Balchunas tweeted.
Pro-crypto Securities and Exchange Chair Chair Paul Atkins was sworn in to his role on Monday.
A long-time Washington insider, Atkins has ties to the crypto industry and is expected to super-charge US President Donald Trump’s drive to relax the nation’s crypto rules, including approving crypto-related ETFs.
“This appointment marks a major shift away from the heavy-handed regulation-by-enforcement approach of the previous administration,” wrote Mena Theodorou, co-founder of the Coinstash exchange, in a statement to DL News.
“Markets are optimistic that clearer frameworks will unlock new innovation and growth across the crypto sector.”
Cardano was also among the tokens Trump wants to include in his strategic reserve of digital assets. That announcement sent the token’s price soaring, making its total worth about $23 billion.
The chances of the SEC approving spot XRP ETFs also surged over the past 24 hours by 9% to 79% in a separate Polymarket bet.
Andrew Flanagan is a markets correspondent for DL News. Have a tip? Reach out to aflanagan@dlnews.com.
