Crypto ETF Applications Surge After Gary Gensler’s SEC Exit
Cryptocurrency ETF applications have surged as Gary Gensler’s term at the U.S. Securities and Exchange Commission (SEC) ends today.
At least five new documents were filed with the Securities and Exchange Commission after U.S. business hours on Friday, which coincided with Gensler’s last day as chairman of the agency.
New cryptocurrency ETF proposals flood SEC
Among the famous FilingTidal Financial launched the “Oasis Capital Digital Asset Debt Strategy ETF” (DADS). The fund plans to focus on debt securities related to multiple industries, including digital asset mining, companies that directly hold digital assets, payment companies, etc.
ProShares also applied for Solana futures ETF. This follows a submission in December VolatilityShares-like Solana ETF. ProShares Already Familiar with Crypto ETFs, Launches Ethereum ETF approved by SEC July 2024.
“Gensler hadn’t even stepped out of the building for 5 minutes before the ETF industry started a massive flurry of cryptocurrency applications. Half a dozen so far” Wrote ETF analyst Eric Balchunas.
CoinShares joins the fray and proposed the “CoinShares Digital Asset ETF” proposal. The fund is tied to the CoinShares-Compass Cryptocurrency Market Index, which includes 10 cryptocurrencies.
Bitcoin and Ethereum account for 70% of the index, with XRP, Cardano, chain linkthe rest is made up of others.
VanEck has joined the action, planning to actively manage an “On-Chain Economy ETF” aimed at investing in blockchain-powered businesses and ecosystems.
“They waited until the end of the Biden SEC’s last business day to start filing crypto ETFs… heading to Trump’s pro-crypto administration.” Wrote Chad Steingraiber.
Leadership transition sparks optimism
The timing of these filings suggests the cryptocurrency industry is anticipating a friendlier regulatory environment under the incoming SEC leadership.
Paul Atkins replaces Gensleris widely seen as supporting innovation in the cryptocurrency space. His term begins as Donald Trump prepares to return to the presidency next week.
More and more speculation Trump will sign executive order Solving the key challenges facing the crypto industry. These could include easing banking restrictions and revisiting Controversial SAB 121 Policy.
Meanwhile, XRP has reached all-time highs ahead of 2019. Gensler’s exit. expected a XRP ETF Approved and a possible Policy changes under the new government Pushing the coin to its highest value in seven years.
Despite Gensler’s departure, his stance on cryptocurrencies remained clear until the end. On his last day he imposed Digital currency group fined $38 million.
Just days ago, he reiterated his concerns about the cryptocurrency industry. he Called it unsafe and rife with misconduct.
return, Gensler appeals court ruling The sale of XRP to retail investors does not qualify as an investment contract.
this Wave of ETF applications Reflecting optimism about a more supportive regulatory space under new SEC leadership.
This week’s developments mark a critical moment for the future of U.S. cryptocurrency regulation as industry leaders prepare for potential changes.
Disclaimer
follow trust project BeInCrypto is committed to fair and transparent reporting. This news article is designed to provide accurate and timely information. However, readers are advised to independently verify the facts and consult a professional before making any decisions based on the content of this article. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
