Several companies are currently seeking approval to launch U.S. exchange-traded funds (ETFs) that track cryptocurrencies beyond the already-approved bitcoin (BTC) and ether (ETH). However, experts argue that these applications likely stand little chance if Kamala Harris wins the election in November.

The recent approvals of spot bitcoin and ether ETFs were a significant victory for the industry. One firm, Grayscale, even litigated against the U.S. Securities and Exchange Commission to gain approval—and ultimately succeeded. The launch of these new ETFs has attracted billions of dollars.

Now, with applications for funds tracking smaller altcoins like Ripple's XRP and Solana (SOL) underway, the outlook appears bleak, especially under a prospective Harris presidency.

"It won't happen if Harris wins, regardless of the issuer," said Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence.

In contrast, the possibility of these additional ETFs receiving the green light increases should Donald Trump regain the presidency, as suggested by Balchunas.

Nate Geraci, president of the ETF Store, concurs with this forecast, stating that a Harris administration is unlikely to approve new crypto ETFs within the immediate aftermath of the election. Observing how President Joe Biden's administration has engaged with the crypto sector, which Geraci characterizes as combative, he believes Harris's powerful role would perpetuate this approach.

Trump's popularity with the cryptocurrency community has grown due to his favorable posture toward the industry, appearing at key crypto events and advocating for digital assets since making crypto support a significant element of his campaign.

Harris, on the other hand, has been notably quieter regarding the crypto space and has only recently announced plans for a regulatory framework designed to bolster support among Black community members, who are statistically more likely to hold cryptocurrencies. However, the specifics of her crypto policies remain largely undefined.