With Gary Gensler set to leave his post as Chair of the U.S. Securities and Exchange Commission (SEC) on January 20, the crypto space has enjoyed a deluge of exchange-traded fund (ETF) filings. This activity demonstrates optimism for more crypto-friendly regulations from the incoming Trump administration.
On Jan 17 alone, at least four ETF applications were handed into the SEC from heavyweights such as ProShares, CoinShares, and VanEck.
ProShares: Famous for the first Bitcoin-linked ETF, applied for a Solana Futures ETF. Investors would be able to bet on the price of Solana (SOL) without having to own the cryptocurrency. The firm also suggested that ETFs are tied to XRP, including leveraged and inverse funds.
CoinShares: The digital asset manager submitted an application for its “Digital Asset ETF,” which will be linked to its in-house Compass Crypto Market Index.
VanEck: Earlier this week, the asset manager filed for an “Onchain Economy” ETF that would focus on investments in crypto-related businesses, such as software developers, miners, and payment processors.
Tidal DeFi: This decentralized finance firm applied for an ETF that would invest in debt issued by crypto-ecosystem companies, including miners and payment platforms.
Gary Gensler, SEC Chair since April 2021, has adopted a tough stance on crypto regulation, including litigation against exchanges such as Coinbase and Binance. As he exits the crypto industry, many in the space are hopeful of friendlier regulations.
As the Trump administration is likely going to be better for digital assets, industry heads feel that more ETFs and other crypto-based products might now actually get approval.
Eric Balchunas, a senior ETF analyst, pointed out that the filings came at a quick pace: “Gensler hadn’t even been out of the building for five minutes and the ETF industry unleashed a huge crypto filing frenzy.” Nate Geraci, president of The ETF Store, described the surge as a game-changing moment for the crypto industry.
Some analysts even speculate that specific funds, such as those focused on Solana may be delayed until 2026 due to market conditions, but the influx of applications demonstrates increased confidence in the mainstream embracing crypto investments.
