On January 17 alone, at least four ETF applications were filed with the SEC, highlighting the industry’s eagerness to take advantage of the regulatory window. Notable submissions include:
- ProShares: Known for launching the first Bitcoin-linked ETF, ProShares has now applied for a Solana Futures ETF. This ETF aims to provide exposure to Solana’s native cryptocurrency (SOL) through futures contracts rather than direct asset ownership.
- CoinShares: Formerly Valkyrie Funds, CoinShares filed for the “CoinShares Digital Asset ETF,” which will track its proprietary Compass Crypto Market Index.
- Tidal DeFi: This asset management firm submitted an application 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, and payment platforms.
- VanEck: Earlier in the week, VanEck applied for its “Onchain Economy” ETF, which seeks to invest in a broad range of crypto-focused firms, including exchanges, miners, and infrastructure builders.
Gensler’s Legacy and the Anticipated Shift
Gary Gensler’s tenure as SEC Chair, which began in April 2021, was marked by an aggressive regulatory approach, including lawsuits against major exchanges like Coinbase and Binance and a crackdown on unregistered securities offerings. His departure, along with resignations from key figures like SEC Chief of Staff Amanda Fischer, signals the end of a contentious era for crypto regulation.
Eric Balchunas, a senior ETF analyst, noted the symbolic timing of the filings, stating:
“Gensler wasn’t even out of the building for five minutes, and the ETF industry unloaded a massive crypto filing frenzy.”
The incoming administration has already signaled a shift toward deregulating the crypto sector, with plans to establish a Crypto Presidential Advisory Council and repeal restrictive policies like SAB 121. These changes could pave the way for a new era of innovation and growth in the U.S. crypto market.
Looking Ahead
The flood of ETF applications reflects the crypto industry’s optimism about regulatory changes under President-elect Trump. As Gensler exits and new leadership takes the helm, the coming months could redefine the relationship between crypto assets and U.S. regulators, setting the stage for greater market participation and innovation.