Several big-name financial players are reportedly rushing to file for cryptocurrency exchange-traded funds (ETFs) as the departure of SEC Chair Gary Gensler looms.
A Wave of New ETF Applications
According to Bloomberg, a flurry of applications are coming in. This includes filings from:
- Tidal Financial Group: Their Oasis Capital Digital Asset Debt Strategy ETF (DADS) will focus on crypto ecosystem debt securities.
- ProShares: They’ve filed for a Solana (SOL) Futures ETF and several ETFs tied to XRP.
- CoinShares: Their application is for a CoinShares Digital Assets ETF, tracking their CoinShares-Compass Crypto Market Index.
- VanEck: Their “Onchain Economy ETF” won’t directly invest in cryptocurrencies, but will instead focus on related instruments like futures contracts and companies involved in digital transformation.
Gensler’s Departure and its Impact
Gensler’s departure is expected on January 20th. His tenure at the SEC was marked by numerous lawsuits against major crypto companies like Coinbase, Kraken, and Ripple. He also resisted approving Bitcoin ETFs until a court ruling forced his hand. The expectation is that a change in leadership at the SEC could lead to a more favorable environment for crypto-related ETFs.
Disclaimer:
This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies or other high-risk assets./p>
