The ETF industry has wasted no time in filing a slew of applications, including XRP and Solana Futures ETFs, as Gary Gensler's final full day at the SEC comes to an end.
With Gensler set to leave the building, the ETF industry appears to be making a statement with a wave of filings.
“Gensler wasn’t even out of the building for 5 minutes and the ETF industry unloaded a massive crypto filing frenzy. Half a dozen so far,” Balchunas noted.
Highlighting the flurry of activity, Nate Geraci, president of The ETF Store, took to social media and shared a series of new ETF filings that have been made in the past 48 hours.
These filings include the VanEck Onchain Economy ETF, Canary Litecoin ETF (19b-4), Oasis Capital Digital Asset Debt Strategy ETF, CoinShares Digital Asset ETF, and the ProShares Leveraged & Inverse XRP ETFs.
Moreover, ProShares has also filed for both XRP Futures and Solana Futures ETFs.
The filing frenzy comes at a pivotal moment as a shift in leadership is unfolding. With Gensler stepping down and Paul Atkins likely to take the reins, the industry is set for a change in direction.
Out of the bunch, the filings for the XRP and Solana Futures ETFs are particularly noteworthy. This is because the SEC has typically approved futures ETFs before permitting spot market ETFs for assets like Bitcoin and Ethereum.
The filing of these futures ETFs might indicate the eventual approval for spot ETFs, paving the way for significant market developments.
Institutional investors are driving these filings forward, and their connections to Wall Street and Washington give them insight into regulatory changes and market trends, hinting at a potentially bullish 2025 for crypto ETFs.
