Days before Gary Gensler resigns as chairman on January 20, a flurry of applications for crypto exchange-traded funds (ETFs) hit the Securities and Exchange Commission (SEC).
On January 17, at least four proposals were submitted by the crypto industry as it anticipates regulatory changes under the incoming Trump administration, which is expected to take a more crypto-friendly stance.
ProShares, the asset management company known for launching the first Bitcoin-linked ETF, has filed for a Solana Futures ETF. The Solana Futures ETF is designed to provide investors with exposure to price movements in Solana's native cryptocurrency, SOL (SOL), through futures contracts rather than directly owning the assets.
“It's interesting because CME futures don't exist yet and we don't know if Coinbase SOL futures will be large enough or liquid enough,” said ETF analyst James Seifert. Posted With X.
Another asset management company, Volatility Shares, filed a similar application in December.
Seifert said on January 16 that the Solana ETF may not launch in the US until 2026, even under a crypto-friendly White House.
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CoinShares, Proshares, etc. to apply for ETF
On January 17th, CoinShares, formerly Valkyrie Funds and digital asset management company, also filed for a “CoinShares Digital Asset ETF” to track its proprietary Compass Crypto Market Index.
Meanwhile, ProShares has also filed applications for leveraged ETFs, inverse ETFs, and futures ETFs related to XRP. Investment firms such as Bitwise, Canary Capital, 21Shares, and WisdomTree have already submitted spot XRP ETF proposals.
Tidal DeFi, an asset management company focused on decentralized finance, has filed for the Oasis Capital Digital Asset Debt Strategy ETF (DADS). The fund will invest in debt instruments related to companies within the cryptocurrency ecosystem, including miners, utilities, energy companies, and payment platforms.
Earlier this week, asset management firm VanEck filed an application with the SEC for an “on-chain economy” ETF on January 15th. According to the filing, the fund aims to invest in a wide range of crypto-focused companies, including software development companies, mining companies, exchanges, infrastructure construction companies, payment providers, and other businesses in the crypto space. There is.
Nate Geraci, president of ETF Store, noted the importance of these filings.
sauce: Nate Geraci
Related: Gary Gensler says presidential election wasn't about cryptocurrencies
Gensler's exit approaches
Gensler's tenure, which began in April 2021, was marked by high-profile lawsuits against Coinbase and Binance, as well as a crackdown on unregistered securities offerings. His last day of work was January 20th.
Eric Balchunas, ETF Senior Analyst: commented Regarding the rapid increase in applications:
“Mr. Gensler was out of the building for less than five minutes, but the ETF industry has sparked a massive crypto filing frenzy, half a dozen so far.”
Earlier this week, SEC chief of staff Amanda Fischer announced her resignation, and Daniel Werfel of the Internal Revenue Service is also reportedly resigning on the day of President Trump's inauguration.
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