A rush of cryptocurrency exchange-traded fund (ETF) filings hit the Securities and Alternate Fee (SEC) simply days earlier than Gary Gensler stepped down as Chair on Jan. 20.
On Jan. 17, no less than 4 proposals had been submitted because the crypto trade anticipates regulatory shifts below the incoming Trump administration, which is predicted to undertake a extra crypto-friendly stance.
ProShares, an asset supervisor identified for launching the primary Bitcoin-linked ETF, utilized for a Solana Futures ETF. A Solana Futures ETF is designed to supply traders with publicity to the worth actions of Solana’s native cryptocurrency, SOL (SOL), by futures contracts somewhat than direct possession of the asset.
“Fascinating as a result of there aren’t CME futures but and I’m undecided if the Coinbase SOL futures are massive and liquid sufficient,” ETF analyst James Seyffart posted on X.
Volatility Shares, one other asset supervisor, had filed an identical software in December.
Seyffart, on Jan. 16, mentioned Solana ETFs could not launch in the United States until 2026, even below a crypto-friendly White Home.
Associated: Bitcoin reserves interest gains momentum across 5 continents
CoinShares, Proshares amongst others, to file for an ETF
On Jan. 17, CoinShares, previously Valkyrie Funds and a digital asset supervisor, additionally filed for the “CoinShares Digital Asset ETF,” which is able to observe its proprietary Compass Crypto Market Index.
In the meantime, ProShares additionally submitted filings for leveraged, inverse, and futures ETFs tied to XRP. Funding corporations like Bitwise, Canary Capital, 21Shares, and WisdomTree have already submitted their spot XRP ETF proposals.
Tidal DeFi, an asset administration agency centered on decentralized finance, filed for its Oasis Capital Digital Asset Debt Technique ETF (DADS). The fund plans to spend money on debt devices tied to firms within the crypto ecosystem, together with miners, utilities, vitality corporations, and cost platforms.
Earlier this week, asset supervisor VanEck, on Jan. 15, submitted an application to the SEC for the “Onchain Economic system” ETF. In accordance with the submitting, the fund goals to spend money on a broad vary of crypto-focused corporations, together with software program builders, mining firms, exchanges, infrastructure builders, cost suppliers, and different companies throughout the cryptocurrency sector.
Nate Geraci, president of The ETF Retailer, famous the importance of those filings.
Supply: Nate Geraci
Associated: Gary Gensler says the presidential election wasn’t about crypto money
Gensler’s exit nears
Gensler’s tenure, which started in April 2021, featured high-profile lawsuits in opposition to Coinbase and Binance, in addition to a crackdown on unregistered securities choices. His final day of working is Jan. 20.
Eric Balchunas, a senior ETF analyst, commented on the burst of filings:
“Gensler wasn’t even out of the constructing for 5 minutes, and the ETF trade unloaded a large crypto submitting frenzy. Half a dozen to this point”
Earlier this week, SEC Chief of Employees Amanda Fischer announced her resignation and Inner Income Service Daniel Werfel would reportedly step down on Trump’s inauguration day.
Journal: Godzilla vs. Kong: SEC faces fierce battle against crypto’s legal firepower
