Gensler’s imminent exit triggers wave of crypto ETF submissions

A rush of cryptocurrency exchange-traded fund (ETF) filings hit the Securities and Exchange Commission (SEC) just days before Gary Gensler stepped down as Chair on Jan. 20.

On Jan. 17, at least four proposals were submitted as the crypto industry anticipates regulatory shifts under the incoming Trump administration, which is expected to adopt a more crypto-friendly stance.

ProShares, an asset manager known for launching the first Bitcoin-linked ETF, applied for a Solana Futures ETF. A Solana Futures ETF is designed to provide investors with exposure to the price movements of Solana’s native cryptocurrency, SOL (SOL), through futures contracts rather than direct ownership of the asset.

“Interesting because there aren’t CME futures yet and I’m not sure if the Coinbase SOL futures are large and liquid enough,” ETF analyst James Seyffart posted on X. 

Volatility Shares, another asset manager, had filed a similar application in December.

Seyffart, on Jan. 16, said Solana ETFs may not launch in the United States until 2026, even under a crypto-friendly White House.

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CoinShares, Proshares among others, to file for an ETF

On Jan. 17, CoinShares, formerly Valkyrie Funds and a digital asset manager, also filed for the “CoinShares Digital Asset ETF,” which will track its proprietary Compass Crypto Market Index.

Meanwhile, ProShares also submitted filings for leveraged, inverse, and futures ETFs tied to XRP. Investment firms like Bitwise, Canary Capital, 21Shares, and WisdomTree have already submitted their spot XRP ETF proposals.

Tidal DeFi, an asset management firm focused on decentralized finance, filed for its Oasis Capital Digital Asset Debt Strategy ETF (DADS). The fund plans to invest in debt instruments tied to companies in the crypto ecosystem, including miners, utilities, energy firms, and payment platforms.

Earlier this week, asset manager VanEck, on Jan. 15, submitted an application to the SEC for the “Onchain Economy” ETF. According to the filing, the fund aims to invest in a broad range of crypto-focused firms, including software developers, mining companies, exchanges, infrastructure builders, payment providers, and other businesses within the cryptocurrency sector.

Nate Geraci, president of The ETF Store, noted the significance of these filings. 

Source: Nate Geraci

Related: Gary Gensler says the presidential election wasn’t about crypto money

Gensler’s exit nears

Gensler’s tenure, which began in April 2021, featured high-profile lawsuits against Coinbase and Binance, as well as a crackdown on unregistered securities offerings. His last day of working is Jan. 20.

Eric Balchunas, a senior ETF analyst, commented on the burst of filings: 

Earlier this week, SEC Chief of Staff Amanda Fischer announced her resignation and Internal Revenue Service Daniel Werfel would reportedly step down on Trump’s inauguration day.

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