Crypto Giants Reportedly Filing for ETFs Ahead of Gary Gensler's Departure

Several financial giants are reportedly filing for crypto-related exchange-traded funds (ETFs) as they anticipate the departure of Gary Gensler

Several financial giants are reportedly filing for crypto-related exchange-traded funds (ETFs) as they anticipate the departure of Gary Gensler, the chair of the U.S. Securities and Exchange Commission (SEC).

In a new thread on the social media platform X, Bloomberg senior ETF analyst James Seyffart reports that a “flurry” of companies are filing for crypto ETFs, including Tidal Financial Group, ProShares, Coinshares and VanEck.

According to Seyffart, Tidal is filing for its Oasis Capital Digital Asset Debt Strategy ETF (DADS), which plans to invest in the debt securities of crypto ecosystems.

Moreover, ProShares has filed for a Solana (SOL) Futures ETF and several XRP-related ETFs, while CoinShares is filing to launch the CoinShares Digital Assets ETF, which will be based on its CoinShares-Compass Crypto Market Index.

Lastly, ETF provider VanEck has applied to launch its “Onchain Economy ETF,” which will not invest in digital assets themselves but instead will focus on digital asset instruments, such as futures contracts and digital transformation companies.

Gensler is reportedly stepping down from his position on January 20th before President-elect Donald Trump is inaugurated for his second term.

During Gensler's tenure, the SEC filed several high-profile lawsuits against major crypto firms like Coinbase, Kraken and Ripple Labs and notably didn't approve the launch of the Bitcoin (BTC)-based ETFs until being compelled to do so by a court.