On Jan. 17, just days before Gary Gensler’s final day as SEC chair, a flood of cryptocurrency ETF filings were submitted to the U.S. Securities and Exchange Commission (SEC). The filings come as the crypto industry anticipates a shift in regulatory approach with the incoming administration of President-elect Donald Trump, expected to adopt a more crypto-friendly stance.
ProShares, a well-known asset manager, filed for a Solana Futures ETF, aimed at offering investors exposure to Solana’s native cryptocurrency, SOL, via futures contracts. This marks a significant development as Solana’s futures contracts are not yet widely available. ETF analyst James Seyffart expressed uncertainty over whether Solana ETFs would launch in the U.S. before 2026. This filing follows a similar one from Volatility Shares in December, highlighting a growing interest in the asset.
CoinShares, formerly Valkyrie Funds, also submitted a proposal for a “CoinShares Digital Asset ETF,” which would track its proprietary Compass Crypto Market Index. Meanwhile, ProShares submitted filings for additional leveraged, inverse, and futures ETFs tied to XRP. Other firms like Bitwise, Canary Capital, 21Shares, and WisdomTree had already filed proposals for spot XRP ETFs.
Tidal DeFi, a firm focused on decentralized finance, filed for the Oasis Capital Digital Asset Debt Strategy ETF (DADS). This fund is set to invest in debt instruments related to crypto firms, including miners, utilities, and payment platforms. On Jan. 15, VanEck submitted its application for the “Onchain Economy” ETF, aimed at investing in a range of crypto-focused companies such as software developers, mining firms, and payment providers.
Gensler’s exit on Jan. 20 comes after a tenure marked by high-profile regulatory actions, including lawsuits against Coinbase and an aggressive crackdown on unregistered securities offerings. These filings were seen as a strategic move by the crypto industry to take advantage of the expected changes in the regulatory environment under the new administration.
The sudden surge in ETF filings came as Eric Balchunas, senior ETF analyst, noted, “Gensler wasn’t even out of the building for five minutes, and the ETF industry unloaded a massive crypto filing frenzy.” Alongside Gensler’s departure, SEC Chief of Staff Amanda Fischer announced her resignation, and IRS Commissioner Daniel Werfel is also expected to step down on Trump’s inauguration day.
These developments indicate that the crypto industry is bracing for a potential shift in regulation, with many looking to seize opportunities in a more crypto-friendly environment.