$TRUMP Memecoin ETF Application: “Surreal,” Says Bloomberg Analyst

• New TRUMP ETF emerges after Gensler's departure.
• SEC analyzes Bitcoin, Ethereum and memecoin ETFs.
• Possibility of fast approval for memecoin ETFs.

On the rise in recent days, the TRUMP token has caught the market's attention by entering the top 50 largest cryptocurrencies, making many investors become millionaires. At the time of publication, the price of TRUMP was quoted at US$ 39,33 with a drop of 10% in the last 24 hours.

Shortly after the departure of former Securities and Exchange Commission (SEC) Chairman Gary Gensler, a notable move has taken place in the cryptocurrency ETF scene.

The SEC currently has more than 30 ETF applications under review, with 16 of them filed immediately after Gensler’s departure on January 17 and 21. Eric Balchunas, a senior ETF analyst at Bloomberg, commented on the phenomenon on his X account, noting the acceleration of these filings. “The list has doubled since Gensler left the building on Friday. I wouldn’t be surprised if it reaches 50 in a week or two.”

Most of the requests revolve around well-known cryptocurrencies such as Bitcoin, Ethereum, XRP and Solana. However, there are proposals that go further, involving memecoins such as DOGE, BONK and, interestingly, TRUMP coin. Balchunas described the TRUMP coin request as “surreal” and highlighted the relevance of issuers such as REX, a pioneer with decades of experience in the sector.

Surreal pic.twitter.com/9ThQ7dNDGa

— Eric Balchunas (@EricBalchunas) January 21, 2025

James Seyffart, another Bloomberg analyst, cautioned against the hype surrounding these ETF approvals, noting that filing dates do not guarantee regulatory approval. “Guys, I didn’t think this needed to be said, BUT filing dates do not mean these things are definitely going to be approved,” he said.

Balchunas also speculated that memecoin ETFs like DOGE, Bonk and Trump could hit the market as early as April, due to a provision that allows for faster registration if they are not rejected. He reiterated the market’s excitement, but noted that even with this news, “MOST OF THE MONEY WILL STILL BE IN AND GOING TO SPOT BITCOIN ETFS.”

The introduction of TRUMP coin as the basis for an ETF raises an intriguing question about the SEC's position: will they reject an ETF based on a former president's memecoin?