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Following Gary Gensler’s departure as SEC Chairman, the cryptocurrency industry is flooded with a number of ETF applications. Just a few days before Gensler resigned on 20 January, a large number of cryptocurrency exchange-traded fund (ETF) applications were filed with the SEC. These applications created a great movement in the cryptocurrency market and attracted the attention of investors.
Trump Administration’s Expectations and New ETF Offers
While the Trump administration is expected to take a closer stance to cryptocurrencies, at least four proposals were submitted on 17 January in anticipation of regulatory changes in the cryptocurrency industry. These offerings aim to create new opportunities in the cryptocurrency market and attract investors’ interest.
ProShares and Solana Futures ETF
ProShares, which launched the first Bitcoin-linked ETF, has applied for the Solana Futures ETF. This ETF is designed to provide investors with exposure to the price movements of Solana’s native cryptocurrency, SOL. In this way, investors will be able to invest in Solana through futures contracts instead of direct asset ownership. ETF analyst James Seyffart warned that Solana Futures ETFs will not be launched in the US before 2026, as it is still not clear whether CME futures and Coinbase’s SOL futures are liquid enough.
CoinShares and Other ETF Applications ProShares, CoinShares and others have also applied for ETFs. CoinShares has applied for the ‘CoinShares Digital Asset ETF’, which will follow the proprietary Compass Crypto Market Index. This ETF aims to offer investors a wide range of cryptocurrency markets.
XRP and Other Crypto ETFs
ProShares has submitted applications for leveraged, inverse and futures ETFs linked to Ripple (XRP). Investment firms such as Bitwise, Canary Capital, 21Shares and WisdomTree have already submitted spot XRP ETF offerings. These ETFs will provide investors with exposure to XRP’s price movements.
Tidal DeFi and Oasis Capital Digital Asset Debt Strategy ETF
Tidal DeFi, which focuses on decentralised finance, has applied for the Oasis Capital Digital Asset Debt Strategy ETF (DADS). This fund plans to invest in debt instruments linked to companies in the crypto ecosystem. In this way, investors will be able to invest in various companies in the cryptocurrency ecosystem.
VanEck and Onchain Economy ETF
Finally, asset manager VanEck filed an application for the ‘Onchain Economy ETF’ with the SEC on 15 January. This fund aims to invest in a wide range of crypto-focused firms, including software developers, mining companies, exchanges, infrastructure builders, payment providers and other businesses in the cryptocurrency industry.
During Gensler’s tenure, high-profile lawsuits were filed against Coinbase and Binance and a crackdown on unregistered securities offerings. His last working day was set for 20 January. Gensler’s decisions and policies have had a significant impact on the cryptocurrency market.
During this period, there were significant changes within the SEC, and the resignation of SEC Secretary General Amanda Fischer was announced. It was also reported that IRS President Daniel Werfel will resign on the day of Trump’s inauguration.
As Gary Gensler approaches his last day, the crypto sector is making numerous ETF applications to the SEC. ETF analyst Eric Balchunas commented on the increase in these filings: ‘Gensler did not leave the building for even five minutes, and the ETF sector has experienced a huge crypto filing frenzy. We’ve had half a dozen filings so far.’
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