XRP, Solana, and Other ETFs Filed as Gary Gensler Exits the SEC
Today is Gary Gensler’s last day at the SEC, and with his departure, the ETF industry responded quickly with a series of filings, including XRP and Solana futures ETFs. Experts like Eric BalchunasBloomberg calls this a major move and with Gensler leaving the building, the ETF industry makes a strong statement.
“Gensler hadn’t even stepped out of the building for five minutes before the ETF industry launched a massive flurry of cryptocurrency applications. Half a dozen so far,” Balciunas wrote.
Nate Geraci, president of The ETF Store, took to social media to share a series of new ETF filings in the past 48 hours. The filings include the VanEck Onchain Economy ETF, Canary Litecoin ETF (19b-4), Oasis Capital Digital Asset Debt Strategies ETF, CoinShares Digital Asset ETF, and ProShares Leveraged and Inverse XRP ETF. In addition, ProShares has also applied for XRP futures and Solana futures ETFs.
Leadership Shift and SEC’s Cryptocurrency Stance
The rush of applications comes as a leadership transition is underway. With Gensler’s resignation and the possible involvement of Paul Atkins, the industry is poised for change. The most significant applications include those for XRP and Solana futures ETFs. This is critical because the SEC has Historically, futures ETFs were approved before spot market ETFs for assets like Bitcoin and Ethereum were allowed. The filing of these futures ETFs marks the possibility of eventual approval of spot ETFs, laying the foundation for major changes in the market.
Big moves ahead: An optimistic outlook
As institutional investors push these applications forward, the stakes are high. These players have ties to Wall Street and Washington and have inside knowledge of regulatory changes and market trends, suggesting 2025 could be a game-changing year for crypto ETFs.
